Buying the Home Everybody Wants
When you’re shopping for a home, you may become interested in a property
for sale that someone else is also considering. In fact, there may be several
other buyers entertaining the idea of making an offer.
In such a competitive situation, what should you do if you really love that
Obviously, you’ll need to move quickly and make some fast decisions.
Start by making certain the property fits within your price range. The last thing
you want is to have an offer accepted and find out it is beyond your budget.
That’s why it’s a good idea to arrange for financing before you go home
Next, you want to make an offer that is so enticing to the sellers that they’ll
put your offer at the top of the pile, if not close to it. So, what makes an offer
Obviously, price is a big factor. You want to go in at a price that’s attractive to
the sellers, without overpaying. Imagine finding out later that the nearest offer
to yours was $15,000 less. Ouch!
Chances are your offer price will need to be at or slightly above asking. Find
out what similar homes in the area recently sold for — what real estate agents
call “comparables” — and use those as a guide.
It’s also important that your offer contains few, if any, issues that may be
concerning to the sellers. The ideal offer will feature:
• No conditions.
• A closing date that’s convenient for the seller.
• A deposit amount that shows you’re a serious buyer.
• Acceptance of any of the buyer’s “exclusions”. (For example, they want
to take the fridge and stove with them.)
• Evidence you can get financing. (Many lenders offer a “Mortgage Preapproval Certificate”.)
Although a “no conditions” offer is the most attractive, including a condition on passing a professional home inspection is usually not a problem, so long as
the inspection is done quickly. Avoid adding other conditions, such as “subject
to financing approval” or “subject to the sale of buyer’s existing property”.
If you want to increase the likelihood that you’ll find — and, more importantly,
get — your next dream home, call today