Things to Consider When Making an Offer on Your Home

It’s an exciting time! You have your eye on the perfect house and you’re ready to make an offer. If you are a savvy home shopper, you have gotten your finances in order, have your mortgage pre-approval letter and even contacted a real estate professional to assist you with the home buying process. Now, the only thing that’s left is for you to come up with the best offer that is sure to be accepted.

Making the right offer on your home will increase the chances of closing the deal quickly. But, you have to consider more things than just the seller’s asking price. That’s why we have put together some tips to help you understand what to expect when making your offer.

Consider How Much Your Offer Should Be

There are so many moving parts when it comes to making an offer on a house. It’s more than just telling the seller how much you’re willing to pay. That’s why it’s important that you choose the right real estate professional. They can use their expertise and help you come up with the perfect offer. When you work with a real estate professional, they will advise you on how much to offer for the property.

The right real estate professional will also provide insight into the sale history of the property as well as the home’s estimated property value. You can compare this to other houses on the market in your area. Other things to include when considering your offer are maintenance and renovation costs for the house. You can use all of these factors in order to come up with the best offer possible.

When considering your offer, you need to take into account the list price of the house. This price provides insight into the seller’s expectations. Other factors to consider when deciding on how much to offer, include the home’s property value, maintenance fees, and possible renovation costs.

Make An Offer The Seller Can’t Refuse

Believe it or not, you’re most likely not the only one interested in that dream home. There’s a chance you are competing with other buyers. The last thing you want is to get into a bidding war. In a situation like this, you could lose out on your home. Instead, you want to stand out amongst the others. This will increase the likelihood that the seller chooses you.

A good REALTOR or agent will know if there are any other potential buyers for the same property and can guide you to make an offer that will not get rejected. Your agent will also provide more information about the seller which can help you create an offer matching the seller’s needs.

Having a pre-approval letter in hand can increase the likelihood of your offer getting accepted by the seller. This important step starts with your mortgage lender and shows that you are serious about buying the property. Although the pre-approval letter is not a requirement for making your offer, however, it will help you stand out amongst other buyers. To make it easier for buyers, Holly Walther and team offers a fully underwritten pre-approval letter.

You’ve Made an Offer, Now What?

You’ve submitted the forms, provided proof of financial stability and how much you are able to pay and now you wait.

Here are different scenarios you might find yourself in once the offer is accepted, rejected, or countered:

Handling a Rejected Offer

No future homeowner wants to hear that their offer has been rejected, but it is a possibility.  However, you should not be discouraged, because you can usually put in a counteroffer.

Dealing with a Counter Offer

A counteroffer does not necessarily mean your offer was rejected or accepted. In some cases, the seller will submit a counter offer which can be higher or include additional closing costs. The best thing to do is discuss it with your real estate agent and then decide if you should accept the offer or counter it with your own.

When They Accept your Offer

Your offer has been accepted and this is great news! Now you need to secure proper financing. Talk to your mortgage specialist regarding next steps. The Holly Walther Team is here to help you! We would love to walk alongside you during your journey to home ownership. Contact us today for your hassle free consultation.