Making a Purchase Offer that a Seller Could Not Refuse- By: Vicki Hat
Making an offer is not difficult to do. You just give a quotation on the price that you are willing to pay for the house, cite your conditions to protect you as the buyer and make known to the seller the fees that you are willing to pay for and what you want them to shoulder. However, if you do this without research, the tendency is the seller would reject your offer. Before the seller offers their home in their market, they already have a perceived value on how much they will be getting back from the sale. If you happen to make an offer below this, you will definitely be rejected and worse, you can lose your chances of buying the property.
Therefore, it is very important that you make the right offer. This is the only way for you to get your offer accepted. Aside from that, it shortens the negotiation period and prevents any form of struggle before you get the seller to accept.
What Comprises a Good Offer?
A good offer has its own characteristics. If you want to know what are these, below are some of them:
- The offer price is just right. How do you know if the price is right? Simple. You find comparable properties within the same area that were sold in the past 6 months. Check out the hi's and lo's of their selling price. This is where you can lever your price. Start with the lowest price offer you can make. If it is denied, you can make a counteroffer and raise the price until it is on its upper range.
- It has few contingencies. It is part of the home buying activity to include contingencies to sale. Contingencies are conditions that need to be satisfied for the sale to push through. This is one way to protect yourself in case factors that satisfy your demands are not met. It is good to have contingencies related to inspection, approval of mortgage and other reasonable contingencies. However, if you wary too much and include plenty of contingencies just to make sure you won't be on the losing end, would sometimes turn off the seller. If you want contingencies, make sure you don't go extremes.
- Having expiration dates. In the selling world, it is normal to have competition, especially if the house is of good quality. If this is the case, you want the sellers to make a decision right away, especially if you are offering your best. Therefore, you must put an expiration date for your offer so that the seller won't make you wait for a long time. If you do not place a date, the seller would have a natural tendency to shop for buyers. Hence, this delays your purchase.
Before making the Offer
You are making an offer to make sellers accept your offer without a doubt. However, have you ever heard the saying "better put your mouth where your money's at?" Well, you have to show some proof that you really are capable of making the commitments you have declared in your offer. First, you have to make sure you can pay for the house. If you have to get mortgage, get pre-approved right now. Second, you can give an earnest money. This is like a deposit to assure the buyer that you are willing to make the purchase. If you back out, you lose this money.
Do all of these things and you will be guaranteed of a smooth negotiation with your seller. It can also help you speed up the purchase of property.
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