Making an Offer
How To Buy A House
Get a Realtor
Get Pre-Approved
Go Hunting
Find Your Dream Home
Make an offer
Home Inspection
Get Insurance
Closing
Time to Move
Making an Offer
There are many factors that influence the asking price of a home, as well as help you determine how close you’ll come to that asking price in your offer. Your real estate agent should help you start the negotiations on the right foot by helping you find answers to the following questions:
Questions to Think About
The difference between the true and perceived value of a property can be determined with this question. If something is wrong with the property or no longer suits the needs of the owner, you’ll be able to adjust the offer accordingly.
Though current market value and improvements are major influences on the price of a home, the length of time that an owner has owned the property can help you in drafting an offer that ends in a great deal for you.
By understanding more fully the nuances of the home and its surroundings, you’ll be able to ascertain if there are areas of improvement that you could use as negotiation points. For example, if a homeowner loves “the quirky character” of their home, you may see this as issues with water, electrical systems or a simple need for more storage and updated bathrooms. Use these points as sensible reasonings in your lowered offer.
It is the law in most states that a seller disclose any major problems that they are aware of when selling. Therefore, make sure to ask about roof and foundation issues, if flood damage has ever occurred or if an older home’s electrical system has ever been updated. Look for dealbreakers and areas for negotiation.
The funny thing about buying a new home, especially when in a condo, townhouse or shared living community, is that there is little you can do about the neighbors. Make sure you understand the community surrounding your next potential house by finding out about airplane traffic, barking dogs, school bus stops, and planned changes to the neighborhood, like widening streets or a plan for a new shopping center.
Even if you don’t have children, the perceived quality of the neighborhood school has a definite impact on current and future home values. Good schools attract good families and keep property values strong.
