Before Making an Offer on a Home

Buying

The Starting Point When You Decide To Make An Offer

The first thing you must think about before making an offer is to have your Realtor prepare comparative market analysis.  This is extremely important since this is likely going to be one of the biggest purchases of your lifetime. It is imperative that you know what the real value of the home is.

An offer is the starting point that will lead to a binding purchasing contract. However, until both you and the seller have agreed to all the terms, including the price, both parties can still call off of the deal.

Beside market value, it’s a good idea to learn as much as you can about the property before you place the written offer.  I can answer most of your questions, however some concerns may need to be scoped out on your own - through your own due diligence. Having a home inspection can definitely  provide answers about the structure of a home. This can help to determine whether you’re ready to make the offer. 

Forming Your Opinion

The process of finding the home of your dreams begins with knowing your financial limitations and seeking a home that is within your budget. It’s also a good idea to have a well-defined list of “must haves”  that will impact your decision.

How About the Price?

The asking price is likely going to be the biggest part of your decision-making process. The local market conditions and the amount of time a house is on the market may mean that the seller is ready to make a deal.  Ask yourself:

•  Is the listed price reasonable? 
•  What are the comparable properties? 
•  How long has this home been on the market? 

Condition of the Property

•  Does the price accurately reflect the condition of the property? 
•  Are you ready to make any repairs that may be needed? 
•  Does the home seem clean, neat and well-kept?
•  Is the size and features appropriate for your needs?

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Know the Details

Learn as many details about the home and it's condition as possible.

•  Learn about the air conditioning, heating, plumbing and electrical systems. 
•  Find out if the roof been repaired or replaced.
•  Is there a home warranty?

Assess the Area

Drive around the neighborhood and see if you get a good feeling about the quality of life in the area.

•  Are there parks in the area? 
•  How is the condition of the streets and local facilities? 
•  What is your 1st impression of the area?

Location, Amenities, Infrastructure

Visit City Hall, County Offices and the Chamber of Commerce. They can provide valuable insight about your new potential neighborhood.

•  Is public transportation available? 
•  How about the local traffic? 
•  Are you near major freeways? 
•  Are there convenient stores nearby? 
•  How about additional shopping? 
•  Are medical facilities accessible? 
•  Are there any Planned Developments or Zoning Changes expected? 
•  Are the taxes reasonable?

Writing an offer is an exciting step in the home buying process. But, it is the information you gained during the “getting to know you” phase that will remain with you long after you become a homeowner. Contact me to start your home search today!

 

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