So you’ve narrowed it down the amount of homes from 7 to 1. After just a few short weeks you’re ready to make an offer on that dream home. This is significant step in the home buying process and you should be aware of how it works.
To sum it up, your offer is how much you’re willing to pay and on what conditions (requested repairs, settlement date, and other contingencies).
An offer on a home typically includes the following:
- Earnest Money Deposit
- Down payment and financing details
- Proposed move-in date and settlement date
- Any Contingencies
- Offer Price
Making a Good Offer on a Home
There are many things that run through your mind when considering making an offer. I’ll tell you what you should take into consideration. Your Portfolio Realtor® can help you get information on recent sales in the area, the condition of the home, days on market, your financing, and the seller’s situation. After reviewing these factors, you’ll have a better idea of what you’ll be willing to pay for the home.
Make sure that you stay in close contact with your Realtor. This is an essential part of the home buying process and you don’t want to rush it or try and take it on by yourself. If you find yourself in a seller’s market, you’ll want to get the offer in as soon as possible because you may be competing with many other buyers.
The recent comparable sales in the area will give you the best idea on what to offer. If the home is priced higher than a similar (or comparable) home that sold a month ago, you may want to put in a lower bid than their asking price. But there are many other factors that you should take into consideration which your Portfolio Realtor® will discuss with you.
Finally, you want to have a negotiation plan. Your Portfolio Realtor® will most likely handle this part, but you should also be involved as well. It is important to be prepared if the seller counters your offer. If there are multiple offers on the table, you need to re-evaluate the importance of getting this home. Prepare yourself for these scenarios so that you don’t get emotionally drained from these situations that often arise.
Your Portfolio Realtor® will always be there to guide and educate you when the time comes to make an offer.
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