This can be a nerve wracking step in the home buying process, especially since Home Buyer stand to spend a great deal of money and there is a chance that the seller will reject the offer.
You don’t have to offer the asking price. Remember, an asking price is just that.
Work with real estate agent to choose the right price for the first offer.
Some things to consider:
What other homes in the area are selling for
The condition of the home
How long the home has been on the market.
A home that needs considerable repairs and updates or one that has been on the market for a long time may warrant making an offer that is lower than the seller’s asking price. But if the house is in excellent condition and has gotten a great deal of attention from other buyers, it might mean that the offer should stick closer to the asking price, or even be higher.
Keep in mind your bargaining chips. Remember that price isn’t everything. Getting preapproved for the mortgage, not having a sale contingency and being flexible on the closing date can all make the offer more attractive. Contingencies can also include home repairs and leaving major appliances. There may be other parts of the contract that are important to the seller; being flexible will help. The easier Home Buyer make the deal for the seller, the better change you have of having your offer accepted.
Put it in writing. Once Home Buyer and the seller have agreed on an offer, make sure everything is in writing, even things that may not seem important. Perhaps Home Buyer asked the seller to include drapes or bookshelves. To ensure those items are included in the deal, put them in the contract.
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