Things To Do Before Making an Offer for a House

In your search for a new place to stay, you come upon The One from among the homes for sale in Anacortes that ticks all the boxes in your list of must-have amenities and is well within your budget. Now, it’s time to craft your offer for the home seller.

To help you in preparing the kind of offer that will stand out among the rest, The Groesbeck Group has several tips to share:

Do your research

Before making that offer to buy, first, you need to know all there is to know about the home you plan to invest your money in. Don’t just concentrate on the home itself but the larger community it is part of. This will give you a general idea of the best price and terms you can present in your offer. Learn more about the following:

• The neighborhood 

  Making trips around the neighborhood at different times of the day reveals a variety of facets regarding the home you’re intent on buying, as well as the neighborhood it is in. 

  Make acquaintances with potential neighbors to get helpful insights not only on the area and the residents in it but also information on the house that only the locals know about. 

• Transportation and commutes

  Note the distance between places essential to your lifestyle requirements (place of work, schools, medical facilities, retail hubs, etc.) and the home you plan to live in. Remember: the longer your commute is, the less time you spend at home, and the less quality time you have with the family or for yourself.

• Schools 

  Whether or not you decide on growing your family, finding a home that’s near a good school district can impact how you will craft your offer. By virtue of its proximity to your area, it raises home value should you consider resale in the future.

Find the best offer price

The price tag you place on your home for sale is a crucial component in composing your offer. You need to hit that price point that is expected to make everyone involved meet halfway and agree.

Here are some things to consider in finding that sweet spot:

Length of time that the house is on the market. A seller with a property that has been on the market for at least 60 days will most likely be motivated to negotiate the price. 

Seller’s motivation. Common motivations include the need to relocate, as well as family or personal crises. The higher the seller’s need to relocate at the soonest possible time, the better chances of you landing the deal at great terms.

Repairs and renovation. Factor the extent of potential repairs and remodeling plans in your offered cost. You may want to ask the seller to make the repairs then subtract the estimated cost from your offer.

Settle on your final offer price

With the current state of affairs where many U.S. states are registering a low housing inventory, you should expect to find other buyers also interested in the home you’re eyeing. You must make sure that your offer will be able to withstand the competition and make the seller take notice.

Your best bet will be to work with an experienced real estate agent. This professional has a number of tools at their disposal like comps and local market trends that they can use to help you arrive at a good offer price. 

Set contingencies

Contingencies are important in crafting an offer as these can protect the buyer from costly liabilities should initial negotiations turn awry. One such example is the coronavirus clause that allows the termination or extension of discussions in a real estate transaction with no repercussions if the cause of delays is that either the seller or the buyer got sick with COVID-19. 

While it is sensible to protect your interest as a buyer, making too many contingencies might work against you. In a competitive market, proposals with fewer contingencies are more attractive to sellers. 

Compose a strong offer letter

Putting your proposal down in black and white is among the crucial steps in buying a home. Apart from showing your intent, the offer letter also includes important information about yourself, your proposed purchase price, and other relevant terms and contingencies. Your real estate agent can help in drafting this letter and making sure that all the necessary information is there. 

Remember, though, that you are still dealing with another human being with emotions. Apart from delving into the business aspects of this transaction, you should also know how to appeal to these emotions. You can tell something about yourself and your family. Compliment the house and state features that called out to you in the listings. Sellers are more likely to warm up to a buyer whom they feel can love the home as much as they did. 

Work with the group that has built its reputation on providing its clients with impeccable service and guidance in their real estate journey in Anacortes, WA – The Groesbeck Group. Contact them today at 360.941.3734 or via email at Info(at)JeanGroesbeck(dotted)com.