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Making an Offer on Your Dream Home
Maybe you stumbled on 'the one' with the first property you looked at, but it's more likely you've been at it for months, critiquing every detail until at long last, you found it. Your dream home. Landscaping to die for surrounding a home just right for you and yours. It has all the neighborhood amenities you wanted. The location is perfect. This is it!
Now what?
Here are some tips to remember when making your first offer to buy.
First, there is no absolute wrong or right way to do this. Be realistic with your offer, however. Working with a good real estate agent can go a long way toward helping you do this. You don't want to offend anyone by offering fifty grand for a home valued at half a million. On the flipside, you don't want to pay more for a property than it's worth either. Knowledge is power.
Compare and evaluate any notes you've taken while attending open houses or private viewings. Narrow down what you liked about the schools and neighborhoods, the amenities to each home, et cetera. Your agent can then pull up comparable listings based on the features that appealed to you. With these numbers, you can establish a ballpark offer price.
Now would be a good time to give your lender a head's up. If it's been more than thirty days since you've touched base, or if your financial status has changed in any way, they may need updated information. Having a pre-approved mortgage loan ready to go allows you to act fast and lets sellers know that you're serious.
If you or your agent take a little extra time to research the listing history on the property in which you're interested, you may discover information to give you some negotiating room. Have there been price reductions? How quickly does the seller want to close? Are there any active bids on the house?
Depending on the answers to these questions and any others regarding closing terms, and the ballpark price you determined based on the current market, you'll be able to make an offer which is advantageous to both you and the seller, hopefully making it a win-win situation for all parties.
For more information on making an offer on your dream home, contact Choice Properties Real Estate to speak with one of our award-winning agents today!
