You've been looking for days and maybe even weeks with your real estate agent and you've finally found the perfect home! This is one of the most exciting parts of the home buying process. And it's time to make an offer on the home. Here are 5 tips to avoid when making an offer and increase your likelihood of landing your dream home!
Never go home shopping without first being pre-approved. In the seller's market that we are in now, buyers have limited inventory, so be sure to have your lender approved letter ready to submit along with your offer. Sellers have plenty of buyers to choose from, make sure you're at the top of their list.
Just because you're approved for a certain amount, does not mean you have to bid all of it. Your agent will assist you in finding the right price to bid for a home to make sure you are competitive against other bidders, but also to make sure you don't over bid.
However, be sure not to submit a low ball offer. In this market, a seller may not even respond to your offer if they feel it's a low ball offer. They may not counter. For example, if a home is listed for $300,000, it wouldn't be wise to offer $250,000. Unless you and your agent have done research to show that the home is over priced, it's best to offer as close to the value of the home as possible.
If you and your agent find a home that checks all your boxes, and you love it, make the offer right away. In this market, homes generally do not sit around very long, especially in some areas, if their priced right and in good condition. Go ahead and make the offer.
Get an inspection. As soon as your offer is accepted, get an inspection. Some homes, even the most expensive and beautifully well presented homes, have defects that you and I cannot see. A professional licensed inspector should find any hidden issues. If issues are found, present them to the seller and many times these things are negotiated amicably.
There's can be more that goes into making an offer because each transaction is unique. I will offer more tips in future blogs. I hope these 5 are helpful in your pursuit of your dream home!