Put yourself in the sellers shoes and imagine
how they will react to everything you’re about to put in your offer.
Oral promises are not legally enforceable when it comes to the sale of
real estate. Please be sure you have communicated everything you want
in the offer to your Realtor.
Price
Have your REALTOR do a comparative market analysis for you. That will
show you the fair market value of the property. The following factors
could affect your offer price:
Property condition
New home improvements
Market conditions (that old supply and demand again)
Seller’s motivation
Multiple Offers – expect to pay more if there are multiple bidders
on a property
Deposit Money
You will be putting up some money to show the seller you are sincere about
purchasing his home. Your Realtor can give you guidelines for how much
this should be.
Financing Contingency
You will probably need to get a mortgage. Even if you have been preapproved
the lender will still need time to have the appraisal done, etc. Your
Realtor can advise you as to how much time you need.
Home Inspection
Don’t skip this, whether it’s because you think you can check
out the house yourself or you want to save the money a professional inspector
charges – it’s money well spent in the long run. But remember,
no home is perfect and small maintenance-type things found by the home
inspector should not be part of any renegotiations with the seller. And
don’t skip your final walk-through just because you had a home inspection.
Disclosures
Make sure you received all the proper seller disclosures. Sellers may
have completed a Seller Property Information Statement. Have your Realtor
request a copy for your review. Further, material defects MUST be disclosed
if known by the seller. Look over these documents carefully – the
laws that govern them limit your recourse once you’ve signed them.
Multiple Offers
It doesn’t have to be a ‘hot’ market for a seller to
have the luxury of choosing between multiple offers on their property.
If you find yourself in a multiple offer situation don’t panic and
don’t withdraw your offer – you may be the highest bidder
and won’t even know it if you pull out. Go through at least one
round of negotiations before you decide to withdraw. Have a price in your
mind of where you want to go and stay in the game until that price has
been reached. Too many buyers lose the property by pulling out too soon.
Having a well-seasoned Realtor familiar with the process can be instrumental
in Multiple Offers. Taking the time to hire the right Realtor will find
you a Realtor with a good reputation among their colleagues and peers;
this too will aid in your efforts to attain a property in the event of
Multiple offers.