How to Make Alternative Offers in a Real Estate Offer to Purchase
- 1). Search your local newspaper and online real estate postings for motivated sellers. Motivated sellers are people looking for a quick sale due to an unexpected life change or circumstance and will likely be flexible in how their property is sold. Sometimes the listing will indicate that the seller is motivated. Other times, you can look for key words such as "priced to sell," "must sell fast," or "bring all offers." These key words let you know that the seller may be willing to consider an alternative purchase offer.
- 2). Schedule an appointment to view the property. Even if you are sure about the neighborhood and the description of the property sounds great, you should never make an offer on a property sight unseen. When viewing the property or properties you have found, take plenty of photos and take notes on items that need repair.
- 3). Compare the properties you have viewed. Narrow down your list based on each property's characteristics. Ask the seller plenty of questions to gauge why he or she is selling so quickly. Perhaps the seller inherited the property and lives in another state. In this case, the seller may own the property outright giving you much room to negotiate alternative terms.
- 4). Decide the scenario that works best for you. Do you wish to offer a car in place of a down payment because you don't have cash and the seller doesn't own his or her own transportation? Do you want to take over the seller's mortgage payments because he or she is moving out of state, but owes more on the mortgage than the house is worth? Determine a situation that works best for both parties using unconventional methods of purchase.
- 5). Consult with your agent to make a purchase offer on the property you select from your list. If you are not working with an agent, you will need the most current Offer to Purchase real estate form for your state. Fill in the offer form with the requested information. You will need to create an addendum with your alternative requests as purchase forms are typically written for conventional real estate offers. An addendum is an additional page stating the terms you are requesting in addition to what is stated on the form.