The key to making a successful offer is having a real estate agent that knows what they are doing and is informed about the current market. The agent should have all of the paperwork you need and will square away all of the details of your offer. This will include the amount you are offering, the deposit and the loan amount. This will include time limits for several things including the response, getting financing and move-in date. The condition the home is to be presented in and the time frame for an inspection report will also be stated
A great realtor should present you with market information for comparable properties sold in the same neighborhood in the last 60 days. This will give you a great understanding of how your offer will look to the seller. If you have any questions about the statistics you should ASK. Your realtor has access to a lot more information than you do. While most of the time you should not be scared to offer something below the asking price, but you should be aware that right now homes that are priced right are selling quickly and with multiple offers. How long the home has been on the market is a good indicator of the price the seller may be willing to accept.
Many people ask me whether it is more lucrative to offer a higher price with concessions (such as a seller contributing to closing costs) or a lower price with no concessions. This can depend on the situation of both the buyer and the seller. For instance, if the buyer is cash strapped and needs the money toward closing costs, then obviously it is necessary. However, it tends to be more likely that an offer be accepted with no concessions and just your highest and best purchase price.
Many people ask me whether it is more lucrative to offer a higher price with concessions (such as a seller contributing to closing costs) or a lower price with no concessions. This can depend on the situation of both the buyer and the seller. For instance, if the buyer is cash strapped and needs the money toward closing costs, then obviously it is necessary. However, it tends to be more likely that an offer be accepted with no concessions and just your highest and best purchase price.
I always encourage my clients to have a private inspection conducted after your offer is accepted. Although sellers will always provide a disclosure, it is better to be safe than sorry! Great inspectors will look through the entire house including an attic or crawl space if applicable. They will not only tell you the current condition of many aspects of the home, but most will give you an estimate of the age of the main components or point out issues you may have in the future.
You will need to be preapproved prior to writing an offer or have proof of funds if you are paying in cash. Therefore making an offer will give the seller a glimpse of your financial picture. If your offer is accepted, and all goes well with the inspection the mortgage company will usually order an appraisal and complete a title search on the home.
All in all, the best thing you can do to successfully purchase a home is have a great realtor on your side! Advising you, looking out for you and guiding you to make the best decisions possible. I would love to work for you – Allison@AllisonMovesYou.com!
Allison Fishwick, Associate Broker
Edward Surovell Realtors
allison@allisonmovesyou.com
(734) 834-4663
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