You’ve narrowed down your Wish List, viewed many homes, and finally found your perfect fit. Time to take the leap and make an Offer! This can be both incredibly intimidating and exponentially exciting. So how can you throw your hat into the ring with confidence? Here’s what you need to know to make an Offer like a Boss!
ü Determine your Price Limit. Work with your Agent to determine if the Seller’s Listing Price is fair based on similar home sales in the area, interest in the home, time on the market, and more. Then, figure out the maximum offering price you are willing to make or accept that isn’t too financially taxing and then settle on what your Starting Offer Price will be.
ü Add Conditions. Any home sale generally comes with a Conditions that must be met before it can be completed. These can include Home Inspections, Seller Repairs, Bank Appraisals, and more. These Conditions need to be selected carefully, since an offer with too many may be less appealing to the Seller.
ü Set your Completion Date. When you submit an offer, you must present a date to close, generally about 60 days after the Agreement of Purchase & Sale is signed & accepted. You want to give yourself enough time to meet your end of any Conditions in the Offer, secure your Mortgage Approval, finalize Loan Details, and more. If you are the responsible party for a delay, you may have to compensate the Seller.
ü Prepare for a Counter-Offer. You may be going up against other offers or the Seller may negotiate, so it’s best to prepare ahead of time for a Counter-Offer. But this isn’t anything to stress about. Talk through the best strategies with your Real Estate Agent.