Real Estate Purchase Offer Tip# 1

Category: Finance, Real Estate.

So, you ve found a home that you really like and are ready to make a serious offer. Before you do make a purchase offer, there are some, though things you should keep in mind.

What an exciting time in the home buying process this is! When coming up with an offer and approaching the seller, it is absolutely critical to have effective communication between you, your real estate Agent, and the seller. Although market conditions are different depending on where you live, these tactics are truly evergreen and can be used as guidelines to help you know where you should start. It s really the key to getting the best deal on the house that you want. However, you should obviously take into consideration your market conditions and make adjustments accordingly. Your real estate Agent should be able to review homes that have sold recently in your area of interest and let you know that" on average, homes are sold for 103% of asking price. " This will give you insight into what the fair market value is for the home you want to buy and where you should start your offer process if you are truly serious about acquiring this specific property. For example, you may be in a very hot seller s market where homes are often sold for prices higher than their initial asking price.

On the contrary, you may be in a buyer s market that dictates that" on average, homes are sold for 97% of asking price. " By knowing this information, you ll have a good idea of what price you will have to pay to acquire the home. When building an offer strategy, you ll have to do your best not to get your emotions involved. It will also help you set a high range for you offer strategy. When emotions enter the picture, the most emotional person usually doesn t win the game. Real Estate Purchase Offer Tip# 1. Your logical decision making process will get clouded and will be overcome by the feelings you ve developed for the home. Start low and come up later.

Real Estate Purchase Offer Tip# 2. Real estate sellers almost always counter- offer. Understand that: The seller can be insulted and fail to respond. The seller could get defensive or hostile. The other Agent s ego could get involved and convince the seller not to respond. The seller could be harder to negotiate with because of the initial offer. Real Estate Purchase Offer Tip# 3.

The seller may not care if they sell it to you at all. The key questions to ask when a home buyer expects that a counter offer will be too low compared to the seller s initial offer: What will it take to be the seller s best buyer? Keep these tips in mind when you reach the purchase offer stage of your real estate buying process. What will it take to avoid offending the seller? They could literally save you thousands of dollars on your home.

Read more...

A VA Loan May Be Possible - Finance and Real Estate Articles:

When I was in my early thirties I became interested in real estate again.

Buy A Vacation House For Love - Finance and Real Estate Blog:

In today s hectic world, the decision of buying a holiday or vacation home is very tempting indeed, but before one takes the plunge there are a few things that should definitely be kept in mind. Will it serve as your retirement or vacation house or a financial investment?

It S Home - Finance and Real Estate Articles:

The large investment gains realized in the past few years in some housing markets have caused many people to lose sight of the real purpose of buying a house. The primary function that building serves is that it is a HOME, not a financial instrument or status symbol.