February 8, 2018 by realestateresource
Things to keep in mind before making an offer
If you are reading this, you have seen many houses with the help of your realtor and you have honed in on one you want to buy! You like the look of the home and believe it fulfills the requirements of yourself or family. You are ready to sign the contract to make an offer. However, there are many important things to consider before you make an offer so as to make sure your investment turns out to be sound and fruitful.
1. Do your research on the area
The location in which the home is situated matters a lot. Get as much information about the neighborhood as you can. This includes the proximity to amenities, crime report, median home prices, accessibility, and other aspects that may be of importance to you you. You can do this research online and also by exploring th
e area on your own. Talking to neighbors and shopkeepers in the area will make many things clear for you.
2. Do your research on the house
Just because you like the look of the home does not mean you should jump to make an offer. You must get all the important details about the house and as much fro
m the owner before doing this. Find out the prices of similar properties in the area. Find out the price per sq ft being charged by your seller versus other sellers in the area. Find the reason why the owner is selling as this will give you an idea of how flexible he would be on the asking price. If you have a good realtor, they should be able to do this for you! Check out the rooms and everything else that you may have missed out on your first inspection. You are fully entitled to lift couches and rugs to see if there are any flaws or defects. Ask the seller about estimated monthly bills for utilities or call your local county. Also find out the property taxes, insurance fee, and homeowners association fee to know the monthly expenses you will incur. Checkout the condition of the H
VAC and roof before making an offer as you will have to spend a lot of money on heatin
g system if it is out of order or running at very low efficiency now. Most importantly don’t skip the home inspections!
Visit the house at different times of the day. Sometimes, the same house does it look that much beautiful in the evenings. Also, you will get a clear idea of the traffic conditions in the area at different times of the day.
3. Check the duration for which the house has been on the market
Find out for how long the house has been on the market. If you find that the house has not sold even after sitting on the market for many months, you can gauge the motivation of the seller and negotiate for lower prices. Also it may signify that the home has had offers and they have fallen through.
Work with your realtor to find a reasonable offer price, that fairly considers market value and your own financial situation!