4 Ways To Make Your Best Offer
No matter what time of year and no matter what the market conditions, it is always best to craft your best offer. These days with inventory still being lower you could find yourself in a competitive bidding situation. Here are some guidelines for putting your best foot forward when you write your offer.
Work With a Real Estate Agent
Work with an experienced real estate agent that specializes in the area you are purchasing. They will know best what has worked for others who have been purchasing locally and their advice can be crucial to your success. As PODS notes: “Making an offer on a home without an agent is certainly possible, but having a pro by your side gives you a massive advantage in figuring out what to offer on a house.”
Establish Your Budget
Knowing your maximum budget is important and the best way to know your limits is to work with a lender so you can get pre-approved for a home loan. Doing so helps you be more financially confident and shows sellers that you’re a serious buyer. That gives you a competitive edge. As Investopedia says: “. . . sellers have an advantage because of intense buyer demand and a limited number of homes for sale; they may be less likely to consider offers without pre-approval letters.”
Craft a Strong, But Fair Offer
Every buyer will of course want the best price they can get. However, low balling your offer does come with some risks that you may not want to take. As Realtor.com explains: “. . . an offer price that’s significantly lower than the listing price, is often rejected by sellers who feel insulted . . . Most listing agents try to get their sellers to at least enter negotiations with buyers, to counteroffer with a number a little closer to the list price. However, if a seller is offended by a buyer or isn’t taking the buyer seriously, there’s not much you, or the real estate agent, can do.”
Lean on Your Agent With Negotiations
After you put your offer in, the seller may decide to counteroffer. When going through negotiations, it’s always wise to figure out what matters to the seller. Once you do, being as flexible as you can on certain items like ideal moving dates or the condition of the house can make your offer even more attractive. Your real estate agent is your trusted partner in navigating these details. Allow them to guide you through negotiations and figure out the best plan.
