When considering making a house offer talk to a Realtor and a Mortgage Advisor before you put in a bid. These professionals are trained to assist you in the home buying process. As a simple guide we have compiled the best tips on how to make an offer on a home for your reference.
Find the Right Home for You and Your Family
Ask Your Realtor for A Comparative Market Analysis
- A Comparative Market Analysis (CMA) evaluates the property of interest against properties currently on the market and ones that have recently sold. The CMA will give you insight into what the average cost you will pay for the home is.
Talk to Your Family/Friends About the House Offer
- Your friends and family will give you support in the house offer process. They may not know the market in detail but having the guidance of people you trust is very important, if only to bounce ideas off of.
Talk to Your Realtor About the House Offer
- In addition to confiding in your family during the house offer process it is important to find the right Realtor who you can trust to advise you on where to start your initial bid. Your Realtor will give you suggestions on where to start but ultimately it is up to the home buyer to decide where they would like to come in to start.
Fill Out the Real Estate Contract
- Your Realtor will guide you through this process. If you have questions about the contract anywhere, ask your Realtor to explain it to you. It is important that you understand what you are signing in the house offer.
Don't Be Afraid
- To come in too low. The house offer process is/can be a back and forth exercise. When submitting an offer that is low, understand that a counter offer will most likely be coming your way.
- To request certain items be included in the home purchase. If you like a particular item in the home, write it into the contract. The worst thing the sellers can do is say no!
Your Realtor will then submit the house offer and all there is left to do is wait. At this time many things can happen. Typically, you will hear back within 48 hours to find out whether your offer is accepted, rejected or countered. If rejected or countered the offer is back into the buyer’s court and they can decide whether to accept the counter, counter the counter, reject the counter or re-offer on the rejected offer. Upon acceptance of the house offer there are many things that need to be done to prepare for the closing.
For more information on How to Make an Offer on a Home contact your local Realtor or send us a message at contact@first-house.info