It's Time To Make An Offer
Put yourself in the Sellers shoes and imagine how they will react to everything you’re about to put in your offer.
Oral promises are not legally enforceable when it comes to the sale of Real Estate. Please be sure you have communicated everything you want in the offer to your representative of the Team.
Ask your Team Member to do a Comparative Market Analysis (CMA) for you. This CMA will show you the fair market value of the property. The following factors could affect your offer price:
- Property condition
- New home improvements
- Market conditions (that old supply and demand, again)
- Seller’s motivation
- Multiple Offers – expect to pay more if there are multiple bidders on a property
You will be putting up some money to show the Seller that you are sincere about purchasing his home. Your Team Member can give you guidelines for how much this should be.
You will probably need to get a mortgage. Even if you have been pre-approved, the lender will still need time to make sure everything is solid regarding the financing. Your Team Member can advise you as to how much time you need.
Don’t skip this, whether it’s because you think you can check out the house yourself or you want to save the money a professional Home Inspector charges – it's money well spent in the long run. But remember, no home is perfect and small maintenance-type things found by the Home Inspector should not be part of any renegotiations with the seller. Finally, don’t skip your final walk-through just because you had a Home Inspection.
Make sure you received all the proper Seller disclosures. Sellers may have completed a Seller Property Information Statement (SPIS). Have your Team Member request a copy for your review. Further, material defects MUST be disclosed if known by the Seller. Look over these documents carefully – the laws that govern them limit your recourse once you’ve signed them.
It doesn’t have to be a ‘hot’ market for a Seller to have the luxury of choosing between multiple offers on their property. If you find yourself in a multiple offer situation, don’t panic and don’t withdraw your offer – you may be the highest bidder and won’t even know it if you pull out. Go through at least one round of negotiations before you decide to withdraw. Have a price in your mind of where you want to go and stay in the game until that price has been reached. Too many Buyers lose the property by pulling out too soon. Your Team Member is experienced in multiple offer situations and has helped their clients win many times!