Are you ready to take the plunge and make an offer on a home? It’s a big decision, but there are certain steps you can take to help ensure that your offer is accepted. Here’s what you need to know about making an offer on a home.
Hire a real estate agent
Purchasing a home can be an overwhelming and arduous journey. However, having the assistance of a trusted real estate agent could make the process significantly easier. Real estate agents possess comprehensive knowledge of the market and negotiation techniques that can help you craft a competitive offer for your desired property. Such expertise is invaluable and ultimately offers peace of mind when purchasing a home, as they are well-versed in deal-making tactics, paperwork, and complex documentation. Hiring the services of a skilled real estate agent could be one of your smartest decisions in this endeavor.
Know the market value of the home and be prepared to pay more
Knowing the value of the home you’re interested in is essential when making such an important decision. Property values can change overnight, depending on many external factors – it’s crucial to stay up-to-date to ensure you are driving a good bargain. You should anticipate being prepared to offer slightly above or below the market value, based on whether there are sellers motivated and eager to sell their property quickly or if they have more time to wait for a better deal. Keep in mind that knowledge of the market will give you more leverage in negotiations and ultimately enable you to make smart decisions for your future.
Have a loan approval so you can show the sellers you’re serious
When searching for your dream home, having a pre-approval letter from your lender can give you a competitive edge when negotiating with sellers. A pre-approval letter communicates that you are a serious and qualified buyer, with the financial resources to purchase the home. It also serves as an assurance that there won’t be any surprises during the loan process, as your lender has already approved your loan application. Therefore, having a loan pre-approval should always be seen as an important priority before home shopping.
Be flexible on timing in terms of the closing date
When it comes to deadlines, we must remain flexible to ensure success. Moving a closing date or other corresponding deadlines can give leeway to any potential issues that arise and allow us the opportunity to accommodate them accordingly. This will bring all required tasks further into our reach and guarantee that the desired outcome is achieved. We strongly advise allowing for a degree of flexibility on all closings so nothing drastic occurs at the last minute when it could have been prevented prior.
Include an escalation clause
When considering buying a property, it is important to make an offer that not only reflects the market value but also offers you some protection. Adding an escalation clause to your offer is a great way to do this. This clause allows for your bid to be increased by a predefined percentage if another buyer outbids you, giving you the upper hand in an increasingly competitive market and the assurance that your offer won’t be defeated without at least trying. Including this type of clause will certainly give you an edge and help ensure you get the best deal possible on your new property!
With these six tips in hand, you should be well on your way to making a competitive offer on the home of your dreams. And while DIY-ing this process may seem tempting, remember that working with an experienced real estate agent will likely save you time and money in the long run. They know the ins and outs of crafting a winning offer, and their expertise in the market will give you peace of mind throughout what can be a stressful process. So if you’re serious about buying a home, don’t go it alone – hire an expert!
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Richard has extensive experience in all aspects of buying and selling residential property. He has sold more than 400 homes and well over $100 million in residential real estate. There’s no need to guess. Get expert advice that will allow you to buy and sell with confidence and ease.
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