How To Make An Offer?
You finally find the home you want but how do you go about making a formal offer? Making an offer on a home for sale like anything takes proper research to make an informed decision or in this case an offer to purchase the home.
First and foremost I would recommend you work with a Realtor® as they will guide you through this process the correct way. Start by looking up comparable homes that have sold in the same area to gauge where the market stands for this property. You will want to make adjustments and figure out what the market activity is doing for similar homes… this will give you a good idea of where you should make an offer as far as sales price.
As you may know the sales price is just one of many pieces that go in to making a formal offer. Most buyers just think of the sales price however there is so much more to it.
What type of financing will you be doing? How much time will you need for credit approval? Or are you already fully credit approved? Will you be asking the seller to help pay for your closing costs? How about a home warranty or do you feel confident without asking for the seller to pay for one?
Have you had a chance to review the seller’s disclosure or will you put that off until you are already under contract? How about a survey, is there an existing survey or will a new one need to be purchased? Who will pay for it?
How about an option period, how much will you be paying for that option? Will it be for 10 days, 7 days, 5 days… or will you not have an option period? Will you be doing an inspection or will you pass on that too?
All these and many more are all things to take in to consideration when putting together a formal offer on a home for sale. As you can see the sales price is just one small piece in many factors that go in to making an offer.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
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Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
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