When you find that perfect property for you and you are ready to make the big decision of buying it, you now have to start negotiating for the price that you are hoping to get it for. This can be a very exciting but somewhat stressful time as you go through the process of making an offer.
It all depends on where you live as to what the formal process is for making an offer to buy a home. You want to be sure that you know what the rules are for your locale. You will be working with a real estate agent who is going to help you through the process. This professional needs to ask you many different questions to determine what it is you are looking for pricewise for the purchase of your new home.
Before making your initial offer you may want to return to view the home at least one more time if not twice. You may also want to have some various inspections done on the home as a condition to your purchase offer.
Making an offer is a big step and you want to make sure that it is done properly. You will want to deal not only with your real estate agent but your lawyer as well.
Know what your budget is so that you don’t make an offer on the house where it may mean you can’t get the proper financing you’re going to need for the purchase.
Determine a price that you want to pay for the property and then start your offer somewhere between 15 and 20% below what the sellers are asking for. Remember that you are going to have real estate fees attached to this cost.
When a setting the price that you want to offer you want to have a good idea of what other similar properties in the area have sold for. You also want to implement some patience as the offer may go back and forth a few times.
There are some other questions that are going to be raised as to what you should do when putting in your offer. You may want to get a valuation of the property although this is not mandatory.
There are a few things you want to know before you make your offer. You want to know if there have been any other offers and what they were, and why they weren’t accepted. You want to know when the property came on the market for sale and if it has been reduced.
Some things you want to be careful for is that you don’t make some of the common errors that many people do when making an offer. You don’t want to be playing games when setting the offer you want to be serious about this.
Make sure that you do your research. And don’t talk poorly about the property because you want to enter a lower offer.
If you are going to be making an offer at an auction for a potential home you want to buy or property, make sure you are comfortable doing this, and do your research first by attending a few auctions before participating yourself.
For more helpful information on Buying a Home, check out our Buying Tips.