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How to Make an Offer On a House

April 24, 2020

3 MINUTE READ

How to Make an Offer On a House

You’ve done the research. You’ve picked the right neighborhood, found a home that you love, and now you’re ready to make an offer. But, how do you make an offer on a house? This is where the real business of home buying begins… and the paperwork starts to pile up. 

Buying a home isn’t as simple as saying “I’ll take it”. In transactions of this nature, verbal agreements simply don’t count. For that reason, every detail of the transaction is important and should be written down and adhered to. 

Given the magnitude of making an offer on a house, it’s important that you understand the process and how to best navigate the waters. 

Tips for Making an Offer on a House

Once you’ve found the house you love, it’s time to make an offer. The best advice we can give you at this stage is to try to find a way to stand out from other buyers. Here are a few quick tips to making an offer on a house: 

  • Work with your real estate agent to evaluate local comps in the area to make sure you’re offering the right amount. The more competitive your market is, the closer you should be to the seller’s asking price. 
  • Write a personal letter explaining to the seller why you want the home. 
  • If your offer is accepted, you’re ready to move on to the next steps in the home buying process. 
  • If the seller declines or counters, and you still want the home, work with your real estate agent to decide what you can do to make your offer more appealing to the seller. This doesn’t always mean you need to increase your offer — sometimes, buyers will accept a new offer with different terms, such as foregoing an inspection or making a cash offer (if possible). 

Making an Offer Less Than Asking Price

The most important thing when making an offer on a home is to make an offer that you’re completely comfortable with. Sometimes, that can mean offering a seller less than his or her asking price. 

Of course, you never want to insult a seller with a lowball offer. But, if you’re sincerely questioning the value of the home and are considering making a lower offer, there are a number of factors that you can look at to help make your decision. This includes: how long the house has currently been on the market, if the house is occupied, if there are already existing offers on the home, and more. 

Offering less than the asking price is always a risky move, but if you make an offer that is fair and that you are comfortable with, this strategy can pay off in the long run. 

Avoid These Common Deal Breakers

If you really want this home, it’s not only important to do the right things — it’s also important that you don’t do the wrong things. In other words, if you really want your dream home, it’s important to know which common pitfalls to avoid. Some of the most common deal-breakers sellers see are: asking for too many contingencies, expecting a really fast closing date, asking for personal property, and more. 

Making an Offer on a Home with Reali

At Reali, we offer our clients a house search process you can trust. We help you find your perfect home at the best price, with the help of an experienced local agent. Whether you’re just getting started or you’ve already been through the home buying ringer, we’ve got your back. 

If you’re in the market to buy a home or are wondering how to sell your house, we would love to help. Contact us to get started today.

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