After spending weeks searching for the ideal house, you will come upon the time when you have to make an offer to the seller.
You have to avoid getting caught up in the moment when you are making the offer.
When making an offer, you are making a contract to purchase a home, which will legally bind you if the seller accepts. You will then submit a deposit with your offer, which is refundable in certain conditions.
Before you make an offer consider the following:
- Current Market Conditions
Keep in mind, that the more demand there is for housing, the more you can expect to pay.
- Comparing Homes in the Area
You have to compare the homes in the area, both on the market and what has been sold. The range will vary, and your offer should be suitable to get the buyer interested.
- Value of the Home
After looking at the home several times, you have to consider what is offered and what similar homes in the neighborhood offer. You should not bee paying more for something that offers less.
- Motivation for the Seller
There are cases where the seller will want to sell the house quickly, and settle for a lower price. These cases might be relocation, divorce or unstable finances. Take the opportunity you see to get a lower price if you can.
- Insulting the Seller
When making an offer, it should not be at the point where you insult the seller. They know how much their home is valued, and if it is listed on the market for $499,000, your offer should not come in at $250,000. You are telling them this is your starting bid and will not go much higher, thus implying that their house is not worth much more than this.
Considering these points when making an offer will help the process go through smoother resulting with you owning your dream home.
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
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