Make an Offer on Your Dream Home
After getting pre-approved and finding your ideal next home, the next step is making an offer!
Keep in mind that an offer is legally binding if signed by the seller, and buyers may not put in offers on multiple properties at once. To ensure that you’re confident in the property you’ve chosen, you may want to ask yourself these questions first:
Why are they selling the house? Their answer may help you evaluate the "real value" of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly
How much did the seller pay for the home? Their answer may help you negotiate a better deal if you can determine what the seller’s bottom line is on the property. It is important to remember, however, that the purchase price is a product of the market value of the home, which is not at all tied to the price the seller paid
What does the seller like most and least about the property? Their answer may give you some interesting information or a different perspective. In a few cases, what a seller likes the most about a home might actually be something you are looking to avoid. For example, if the seller describes their house as being in a "happening community," a buyer might consider that a negative factor because the area may be too noisy or busy their taste
Has the seller had any problems with the home in the past? There are many problems that the seller is obligated to disclose (for example, it is illegal to withhold information about major physical defects on the property), but these disclosures don't always paint the entire picture of the home. Their answer will tell you about any hidden damage, problems, or maintenance issues you’re likely to experience in the future
Are there any nuisances or problem neighbors? Use this answer to find out about any noisy neighbors, barking dogs, heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving
Knowing all you can about a prospective home not only helps you decide if it's the home of your dreams, but what offer to make as well.
Once you’ve gathered enough info to make you comfortable and decide you want to move forward, you’ll work together with your real estate professional to draft a competitive offer on the property.
Your Realtor will then present your offer to the listing agent or sellers and negotiate on your behalf until you and the sellers have agreed on terms.