What is required from buyers when an offer is presented in writing?

When an offer is presented in writing, the buyers are typically required to provide an earnest money deposit. This deposit serves several important purposes in a real estate transaction. Firstly, it demonstrates the buyer's serious intent to purchase the property and can show good faith to the seller. By putting down earnest money, the buyer indicates that they are committed to following through with the transaction.

In addition, the earnest money deposit is often held in escrow until closing and can contribute to the buyer's down payment or closing costs. It is a standard practice in many real estate transactions that helps protect the seller's interests in case the buyer decides to back out without a valid reason.

While proof of identification, a credit report, or a pre-approval letter may be important documents for establishing a buyer's qualifications or identity, they are not typically required at the moment the offer is made. Instead, the focus at that stage is on showing intent through the earnest money deposit.