Susan Baghdasarian's Blog
Putting an offer on a home is an exciting event. You don’t want to get so excited that you overlook the important factors that go into buying a home. Follow the tips below before you put an offer on a property.
In order to come up with a price to offer on a home, you need to do some research. You should have a general understanding of the local market. Although your realtor will have a good grasp on this, it’s always a good idea to be an informed buyer. You can work with your realtor to find the right price. You don’t want to blurt out a number that is completely out of line for the neighborhood or market conditions.
A good place to start is by taking a look at what the homes in the the neighborhood are selling for. You can also look at what homes in the area have recently sold for. The advantage to hiring a realtor is that they have easy access to all of this research and information. Be sure that the properties that you look at are comparable to the one that you hope to put an offer on. You can even do this ahead of time if you have an idea of what kind of property you’re looking to buy.
Another useful tool in the research part of making a offer is the history of the property. When did the seller purchase the property? At what price? If the seller has moved in more recently, you may have some wiggle room for negotiations.
Getting pre-approved gives you some buying power. First, you’ll know how much house you can afford. Next, you’ll know that a lender is dedicated to lending you that amount to buy a home. Your offer will be taken more seriously if you have been pre-approved because the seller will know that you can get the funds to purchase the home.
Get The Help Of A Realtor
When you hire a realtor, you’re getting the agent along with the team of people that they work with. Realtors can recommend you to everyone from home inspectors real estate attorneys. An attorney is an especially helpful advocate in the process of buying a home because they can check to be sure that your offer meets the legal requirements within your state and protect your interests as a buyer.
The attorney will also look at the purchase agreement for the home. This will include all of the details of the property transaction:
- The date of the offer
- The address and property description
- Amount offered for the home
- Loan details including the down payment amount
- The closing date
- Any contingencies
These will all be very important to you as a buyer and a lawyer make sure that everything is legally sound will be a great protection for you.
Now, you’ll be ready to seal the deal!
If you receive an offer to purchase your house, should you accept it? Home sellers across the United States face this question regularly. To determine the right answer, a home seller needs to weigh the pros and cons of an offer.
Deciding how to proceed with an offer to purchase is no easy task. Lucky for you, we're here to help you analyze a homebuying proposal so you can make an informed decision.
Now, let's take a look at three tips to help you determine whether accepting an offer to purchase is the right choice.
1. Review Your Home Selling Goals
Now may prove to be a great time to revisit your property selling goals. That way, you can assess whether an offer to purchase corresponds to these goals.
If you find that a homebuying proposal fails to help you accomplish your property selling goals, you may want to counter or reject the offer. On the other hand, if an offer to purchase falls in line with your home selling goals, you may want to approve the proposal.
2. Consider Your Home Selling Timeline
How much time you have left to complete the home selling journey can have far-flung effects, and for good reason. If you face a tight deadline to sell your home, you may be more inclined than ever before to accept an offer to purchase your house. Conversely, if you can afford to be patient, you may want to reject or counter a homebuying proposal.
Analyze your house selling timeline closely – you'll be glad you did. If you determine there is still plenty of time at your disposal, you may want to reject an offer to purchase that falls short of your expectations. Comparatively, if you are short on time, you may want to accept a homebuying proposal and move forward in the property selling journey.
3. Consult with a Real Estate Agent
Determining how to proceed with an offer to purchase is difficult, regardless of whether you're a first-time or experienced home seller. Fortunately, you can hire a real estate agent who can help you make the best-possible decision.
A real estate agent serves as an expert guide throughout the home selling journey. He or she will help you list your residence and promote it to prospective buyers. Plus, a real estate agent will offer tips to help you differentiate your residence from the competition.
Of course, when you receive an offer to purchase your home, a real estate agent is happy to provide a recommendation as well. A real estate agent is honest and unbiased and has a seller's best interests in mind. Thus, this housing market professional can help you decide whether to accept, reject or counter any offer to purchase, at any time.
Accepting an offer to purchase is a life-changing decision and should not be taken lightly. Thanks to the aforementioned tips, you can evaluate a homebuying proposal and determine whether an offer is right for you.
If you find your dream house, you likely want to submit an offer to purchase this residence as soon as possible. That way, you can avoid the danger of losing your ideal residence to a rival homebuyer.
Although you may strive to quickly submit an offer to purchase your dream residence, it is important to allocate sufficient time to craft a competitive homebuying proposal. Ultimately, there are many reasons to be diligent as you prepare an offer to purchase, and these include:
1. You can avoid the risk of overpaying to acquire your dream house.
You want to buy your dream house, but at the same time, you don't want to pay too much for it. Fortunately, if you allocate time and resources to learn about a home's condition and the current state of the real estate market, you may be better equipped than ever before to submit a competitive offer to purchase.
Analyze a house's condition closely as you put together a property buying proposal. It often is beneficial to consider any potential home improvement projects as well.
Also, take a look at the prices of comparable houses in the same city or town as your dream residence. With this housing market data in hand, you can establish a price range for homes that are similar to your dream residence. Then, you can submit an offer to purchase that accounts for the present state of the housing market.
2. You can submit an offer to purchase that falls in line with a seller's expectations.
It usually is beneficial to consider the seller's perspective as you put together an offer to purchase. By doing so, you can craft a homebuying proposal that falls in line with a seller's expectations.
If you think about the seller's perspective, you may be able to avoid submitting a "lowball" offer to purchase. Because if you understand how a seller may perceive your homebuying proposal, you can submit a competitive offer to purchase that likely will make a positive impression on him or her.
3. You can increase the likelihood of receiving an instant "Yes" from a seller.
With a competitive offer to purchase, a seller may respond with an instant "Yes." As a result, if you craft a competitive homebuying proposal, you may be able to move forward with a home purchase and quickly acquire your dream residence.
As you navigate the real estate market and prepare an offer to purchase your dream house, you may want to work with a real estate agent. This housing market professional can offer honest, unbiased recommendations about how much you should offer to pay for a residence. And if your homebuying proposal is accepted, a real estate agent will help you finalize your house purchase too.
Ready to make your homeownership dream come true? Collaborate with a real estate agent, and you can get the help you need to find your dream home and submit a competitive offer to purchase this residence.
A "lowball" homebuying proposal is unlikely to do you any favors, particularly if you want to acquire your dream residence as quickly as possible. In fact, after you submit a lowball offer, it may be only a matter of time before you receive a "No" from a home seller.
When it comes to buying a house, it helps to prepare a competitive offer. That way, you can increase the likelihood of getting a seller to accept your home offer and speed up the homebuying journey.
Now, let's take a look at three tips to help you avoid the risk of submitting a lowball offer on your dream residence.
1. Analyze the Housing Market
Are you searching for a house in a buyer's or seller's market? Are homes selling quickly in the current real estate market? And are houses selling at, above or below their initial asking prices? These are just some of the questions that homebuyers need to consider as they assess the real estate sector.
With a diligent approach to buying a house, a homebuyer can become a real estate market expert. This buyer can assess a wide assortment of housing market data, and by doing so, gain the insights that he or she needs to submit a competitive offer on any residence.
2. Understand a Home's Condition
A home purchase is one of the biggest transactions that an individual will complete over the course of his or her lifetime. As such, the decision to submit an offer on a house should not be taken lightly.
To make the best-possible choice, it helps to look at all of the available information about a residence. You should review a home listing closely and attend a home showing. In many instances, it may be beneficial to check out a house a few times to get an up-close look at it before you submit an offer.
The condition of a home will play a major role in how much you are willing to offer to acquire a residence. Therefore, you should learn as much as possible about a house's condition. And if you feel comfortable with a home, you should be ready to submit an offer that will match a seller's expectations.
3. Collaborate with a Real Estate Agent
Hiring a real estate agent generally is a good idea, particularly for a homebuyer who wants to reduce the risk of submitting a lowball offer on a house. A real estate agent can help a homebuyer prepare a competitive offer, as well as ensure that a buyer can enjoy a seamless home transaction.
Furthermore, a real estate agent will allocate the necessary time and resources to help you analyze a house. He or she will even offer homebuying recommendations and teach you everything you need to know about the homebuying cycle.
Avoid the temptation to submit a lowball offer on a house – use the aforementioned tips, and you can submit a competitive proposal to acquire your dream residence.