Before You Make An Offer Here Are 4 Tips For Success
Before You Make An Offer Here Are 4 Tips For Success
Before You Make an Offer, Here Are 4 Tips for Success!
So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found it! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true!
Freddie Mac covered“4 Tips for Making an Offer”in their Executive Perspective.Here are the 4 tips they covered along with some additional information for your consideration:
1. Understand How Much You Can Afford
“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”
This ‘tip’ or ‘step’ should really take place before you start your home search process.
Gettingpre-approvedis one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).
2. Act Fast
“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”
The inventory of homeslistedfor sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers tocompete with each otherfor their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.
3. Make a Solid Offer
Freddie Mac offers this advice to help make your offer the strongest it can be:
“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”
Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!
4. Be Prepared to Negotiate
“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.
Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”
If your offer is approved, Freddie Mac urges you to“always get an independent home inspection, so you know the true condition of the home.” If theinspectoruncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.
Whether buying your first home or your fifth, having a local real estate professional who is an expert in their market on your side is your best bet to make sure the process goes smoothly. Let’s talk about how we can make your dreams of homeownership a reality!
Author:John Priestash Phone: 972-800-7369 Dated: December 13th 2017 Views: 240 About John: John was born and raised in Pennsylvania and has now lived in Texas for 14yrs. Upon graduating high ...
I would like to take a moment to introduce myself. My name is Holli Paddio with HP - PowerHouse Realty Group. I work for one of the #1 upcoming prestigious real estate brokerage companies known as JP & Associates Realtors. As a REALTOR®, I am very familiar with the Dallas/Metropolitan and surrounding areas. I have studied and scoped the sales in this area and I feel certain that I can help you accomplish your financial goals. The first key ingredient in purchasing or selling your home is to select the right REALTOR®. As your Realtor I can promise you throughout this process I will give you my integrity, commitment, trustworthiness, and honesty to assist you with your best interest at hand. Overall, know that my client comes first and that's a deal I can GUARANTEE 100%!!!
I read recently that the CEO of Zillow.com, Spencer Rascoff collected
"Sitting back in amazement that I am where I am. And I owe a lot of that to you. We spent 4-5 months looking for a home. You worked around my insane schedule and never said a mumbling word. You were there after each and every rejection that I received due to being out bid. And there were A LOT of them! Still, I believe that at times you had more faith than I did when it came to finding a house. Alas, right before I was about to give up because volleyball season was starting, we literally said, "Why not?!" to one more home, and look at me now!!!
Thank you so much for the guidance, patience and perseverance you had while enduring this process. And then once I was all done with signing, you sill helped me find someone to clean my carpets and you checked on me when it came to my homestead paper work for my taxes. That really does mean a lot. If I, or someone else I know, has to buy or sell, I know who I will be calling. Thank you again!!! "