Nervous about making an offer? Here’s something that can help you
Making an offer is one of the most crucial and final stages of a home purchase. It is pretty essential, as the way you make an offer will decide as to how fast you can buy that dream home of yours. In this article, we shall talk about few ideas on how to make a good offer to better your chances of buying a home.
Have a thorough idea of the market and the property
When you’ve made up your mind to make an offer, make sure that you’ve studied the market carefully. Start by getting to know the property’s listing history. How long the home has been on the market? The number of people behind the property and the resale value of the location can be crucial in making a good offer. It is wise to learn about the other properties in the area, similar to the one you’re looking forward to buy. A list of the deals closed in the last six months should be good to make a comparison. Also, make sure you get the sale prices instead of listing prices. These will let you know if the number on your mind is too high or too low.
Keep your home mortgage company in the loop
When you’re ready to make an offer, make sure that you have your account executive updated. This is helpful not just in terms of getting things done faster but also to keep track of any surprises with rates. Because, from the time you’ve applied for pre-approval until now, there could have been a shift in rates or a new product that could benefit you. In fact, you may have received a bonus a couple of days ago, which could give you a better pre-qualification status and in turn, make the odds of your offer’s acceptance better.
Discuss terms and conditions
Besides putting forth a number, making an offer can also be the perfect time to talk about the terms and conditions of your deal. This can include things like:
– When you’re planning to have an inspection on the property
– Whether you’re looking to close as soon as possible or if you would need some time
– Closing conditions given by your financing company.
Remember that your terms and conditions could also make or break the deal. While it is natural to expect a comfortable deal for yourself, there is no harm in nodding on a few conditions of the seller, when you are all for the house. Let’s say your seller wants to close the deal quicker than you want to. If you’re able to get the financing done by then, don’t drag it along. Go for it!
Avoid window shopping with offers:
It is ok to check out houses while you’re new to the market or if you’ve not made up your mind on a particular home. But if you want to do it while you’re making an offer, it is certainly a bad bet. Besides being fickle minded and never settling for a property, you will lose your credibility as a serious buyer among realtors and sellers in the neighbourhood.
It is quite rare to see buyers who have sealed their deals with the very first offers they’ve made. So don’t lose heart if you haven’t been able to pin it down with your first offer. There will always be another home for sale. Keep waiting with the faith that your perfect home is yet to come. Do not get hasty. Learn from every offer you make and one day you will be able to make an offer that will get you into the home of your dreams.