Preparing the Offer
So, how do you decide how much to offer on a home you like?!
That’s a tough one to answer, because it depends on a lot of factors:
Are there other offers coming in? How long has the home been on the market? What is the owner’s situation? What terms (beside money) can you offer the seller? What is the overall market like?
Those are just a few of the factors we’ll consider. But regardless of “factors”, we’ll also look at the sales data in the MLS to determine how much the home is truly worth by looking at how much other similar homes have recently sold for.
Ultimately, it’s your choice how much you want to offer initially, and how much you’re willing to go up to in order to get the home.“Market value” is essentially driven by what a ready, willing, and able buyer is willing to pay for a home. But it’s also dependent upon how much a ready, willing, and able seller is willing to accept.
I’ll do everything I can to help you understand the market and value of the homes you’re considering. I’ll give you my perspective and advice as your agent, which should put you in good position to get a home for as low as possible, but still an offer a seller will consider and hopefully accept. Because coming in with too low of an offer, at least without justification, can hurt your chances of getting a home at all, let alone at a good price.
How the Process Works
I realize that making an offer can seem like the nail-biting part of the process. It doesn’t have to be. That’s the advantage of selecting a real estate agent who, like me, puts clients first. When you go after a property you really want, you can take comfort in knowing you have an expert on your side… someone who knows how to get that home for you.
Here are some typical terms and conditions sellers may be interested in:
Are you flexible on your closing date? (They may want time to look for another home, for instance.) How much of a down payment do you have? Are you paying cash? (This is less risk and less time for sellers to wait.) Will you waive contingencies, like for a home inspection? (Not necessarily advisable, but it can be useful in the right circumstance.)
Again, those are just a few. But those are also not something every buyer can accommodate.
So, what I always recommend to every buyer is this…
Let’s have everything in order when we submit an offer:
Let’s make sure all the contracts are filled out thoroughly and properly. Let’s have your pre-approval ready and attached with the offer. (Ideally from a reputable lender that no agent or owner will question.) Let’s be ready and responsive during negotiations. (Too often, buyers take too long responding, which can create a bad tone.)
That sort of stuff we can control, and we should.
Many times, the agent who’s the most organized and reliable, along with their clients
Have questions about making an offer? Please submit the form below or call or email me.