We have often found that buyers who want to buy a house get caught up in strategy of when and how to make an offer on a property. In today’s climate the buyer is brainwashed by the media into low-balling the homeowner no matter what the house is listed for and the value that it represents. In addition we have found that many buyers try to make a deal before making a deal. To clarify, we have seen buyers waste precious time and/or start off on the wrong path with a homeowner by having their agent ask questions regarding: what the seller will take, have they had other offers, are they negotiable?
Here are 4 great tips that will help you when making an offer on the home you want to buy:
1. Do your research on the house with relation to location and comparable sales and take into consideration price square foot, assessed to close ratio in the immediate area and the features and attributes of the home. From that data and computation you can come up with a realistic and factual offer.
2. Make your offer in a timely manner. If you like, put in an offer. The reason being is you don’t know if another offer is in negotiations and if you wait you my miss out. Another factor is the seller always appreciates timely offer. Buyers who wait and wait to present an offer can be viewed skeptically.
3. Have all your qualifications in place when you make your offer. Sounds fundamental but not all buyers present their qualification documents; a mortgage commitment/qualification letter, verification of funds or a signed seller disclosure. Please take the time to get these documents together so there is no question that you are ready to buy.
4. Have an attorney who focuses and specializes in real estate readily available to handle the attorney review for you. Hopefully you will come to an agreement on price and terms with the seller and when you get the contract signed have your attorney ready to finalize the contract.
Buying at this time provides a great opportunity. Using the tips above will help you turn “I love it!” to “It’s mine!” Please contact Ric or Roksana with any questions or comments about the market, they welcome the opportunity to be of assistance to you. Please keep them in mind for any friends or family who may be considering a move. They would be truly grateful for your referral.
