By now, everyone knows the real estate market is down. However, this is a perfect time for buyers to make their purchase. Interest rates, and home prices are at their lowest level in years. Therefore, any aspiring home buyer can make their dreams come true as they’re able to buy a quality home, at an affordable price before the market starts its move back up.
Every time you buy a house, there are several things that should be done. One of which is very important, and that is to familiarize yourself in making the offer. This is something your REALTOR® should cover with you.
When you buy a home, you’re expressing your intention to buy through what is called an offer to purchase. Each offer is unique but it should contain attractive statements that could make the home seller want to say yes. With so many home sellers in the market your offer should be within your means, and with conditions favorable to the buyer.
To help you out, here are some tips in making an offer:
– The most important element of making an offer is setting the right price. Work with your real estate agent to create an offer that fits easily within your budget, but not to the extent of making it a lowball offer.
– When in doubt, seek the help of your real estate agent since they have more experience in making purchase offers. An experienced REALTOR® will have the technical know how in making one. At this point, if you do not have a real estate agent working for you, it’s time to get one.
One must be sure to obtain both a knowledgeable and skillful real estate agent. Hiring the right person will not only help you make the right offer but also get you the right guidance throughout the complete buying process.
– Mention contingencies. There are times when you might want to back out on the purchase. An example would be your mortgage lender denying you the loan. Therefore, it is important that you mention what you want to happen with your down payment, and the possibility of your withdrawal to legalize any issues.
You should also include inspection contingencies. Although the seller is bound to disclose any known problems of the house, there is still a need for you to have the house inspected. Not all defects may be declared. And take note, some defects can be very costly. Therefore, if the repairs are too much for you or the seller to bear, having the contingency will release you from the contract.
– Research the property. There are things that you should consider before making your offer. Start off with the number of days on the market which your real estate agent can provide. The longer the property has been for sale, the more likely the sellers are in wanting to sell. This will help give you more negotiating power, and puts you in a better position. It’s also not a bad idea to have your REALTOR® research the liens on the property; particularly the amount owed to the lender.
– If the home seller declines the offer, don’t worry. You can always submit a counteroffer. If there is no meeting of the minds, prepare to walk away. There are many other homes on the market that are waiting to be sold.
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