Putting an offer on a home is an exciting event. You don’t want to get so excited that you overlook the important factors that go into buying a home. Follow the tips below before you put an offer on a property.
Research
In order to come up with a price to offer on a home, you need to do some research. You should have a general understanding of the local market. Although your realtor will have a good grasp on this, it’s always a good idea to be an informed buyer. You can work with your realtor to find the right price. You don’t want to blurt out a number that is completely out of line for the neighborhood or market conditions.
A good place to start is by taking a look at what the homes in the the neighborhood are selling for. You can also look at what homes in the area have recently sold for. The advantage to hiring a realtor is that they have easy access to all of this research and information. Be sure that the properties that you look at are comparable to the one that you hope to put an offer on. You can even do this ahead of time if you have an idea of what kind of property you’re looking to buy.
Another useful tool in the research part of making a offer is the history of the property. When did the seller purchase the property? At what price? If the seller has moved in more recently, you may have some wiggle room for negotiations.
Get Pre-approved
Getting pre-approved gives you some buying power. First, you’ll know how much house you can afford. Next, you’ll know that a lender is dedicated to lending you that amount to buy a home. Your offer will be taken more seriously if you have been pre-approved because the seller will know that you can get the funds to purchase the home.
Get The Help Of A Realtor
When you hire a realtor, you’re getting the agent along with the team of people that they work with. Realtors can recommend you to everyone from home inspectors real estate attorneys. An attorney is an especially helpful advocate in the process of buying a home because they can check to be sure that your offer meets the legal requirements within your state and protect your interests as a buyer.
The attorney will also look at the purchase agreement for the home. This will include all of the details of the property transaction:
- The date of the offer
- The address and property description
- Amount offered for the home
- Loan details including the down payment amount
- The closing date
- Any contingencies
These will all be very important to you as a buyer and a lawyer make sure that everything is legally sound will be a great protection for you.
Now, you’ll be ready to seal the deal!
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