After months and months of searching, you and your family have finally found a home you can envision spending decades in. You feel a sense of excitement, but not relief; you know that you have to make the right offer on the house or the sellers will not pull the trigger. This blog is intended to serve as a general guide for making an acceptable offer on your dream home that will seal the deal.
- Work with your own agent to advocate for you. Unless you are an especially savvy buyer, you really do need to have your buyer’s agent by your side throughout the process. The right broker will have the confidence and knowledge to know when to speak up for your interests during the entire price negotiation process. Be sure to hire an agent who is neutral and does not share any financial interests with the seller’s agent.
- Check to see if there are other offers on the house. There very well may be other offers coming in on the home you’ve set your sights on. In this situation, you must act quickly and decisively – but not recklessly. There are ways to make your offer stand out from other offers, including:
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- Composing a handwritten letter explaining why you wish to buy the home. It might sound superfluous, but sellers are often emotional about selling their house they inhabited for so many years. It can be worth it to appeal to the sellers’ emotions.
- Putting up a significant amount of earnest money in escrow. Essentially a security deposit, the earnest money shows that you are serious about buying the home.
- Show that you are pre-approved for a mortgage (that will cover the asking price)
- Know what the property is actually worth. Comparing the prices of other nearby houses that are on the market is helpful in coming up with this figure. Based on many different factors, homes can be listed higher or lower than fair market value.
- Don’t submit an especially low offer. While there is negotiation involved when purchasing a home, it should not be thought of as haggling. A lowball offer on a home is likely to insult the seller and prompt them not to make a good-faith counteroffer. There is always a risk in submitting a lowball offer, and the risks are usually greater in a seller’s market.
Conclusion
You are always your best advocate when you are attempting to purchase your next home or piece of property. However, you will need the help of experienced professionals during the process, like an accomplished buyer’s agent. If you need any legal assistance during the closing process, be sure to connect with our firm and let us see how we can help. You can call us at 305-227-4030 or reach us through our website.
Law Office of Ray Garcia, P.A.
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