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How to Make An Offer On A Home

Jun 28, 2021

Making the offer on a home is one of the most important decisions you will make in your life. If you are looking for real estate advice, this blog post is a must-read! We will provide you with helpful tips to ensure that your offer gets accepted and it goes smoothly from start to finish.

 

Determine a budget

The first step is getting pre-approved so that you know what you can spend.
A good rule of thumb is to budget at least 20% more than the list price for a home, including closing costs and other fees. This will give you enough wiggle room if anything changes during negotiations or your mortgage application. Also, keep in mind that houses get priced higher when they first come on the market. The home will sell quickly if there are multiple interested buyers - so be prepared to make an offer before it's gone! Your real estate agent can help you find homes in your qualified range.

 

Do Your Research

Do your research on the area before making an offer. Look at the local schools and the crime rate for the area, and any other factors that might be important to you. It's also good to know what homes in your range look like, so bring a realtor with you when touring potential properties. This can help you determine if the home is truly worth that much to you.

 

Understand your leverage

If there are more buyers than sellers in the market, you have less leverage and will have trouble negotiating a lower price. On the other hand, if it is a buyer's market, you can request things such as seller concessions, price decreases, delayed closings, or seller-paid closing costs. The type of market will fluctuate often depending on the current economic situation. Pay attention to what kind of market we are currently in to make informed decisions for yourself.

 

Use your agent to negotiate

The right offer does not necessarily mean writing up a list of requests and providing them all at once during negotiations - most buyers typically try out different strategies until they find one that works for both parties involved. After all, this is a negotiation.

  • You have done your research, and you know what type of home your family needs. Now it is time to figure out how much money you can afford to spend on a house.
  • Your loan officer is the best person for this task because they are experienced in lending guidelines and know your home affordability.
  • Your agent will have access to listings that might not be available online yet or are word-of-mouth between homeowners who want their homes sold quickly.

 

Get started today! Click here and schedule a preapproval meeting now so we can help you and your agent find the perfect house together before someone else snaps up all the good ones!


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