Tips for Making an Offer on a Home
As the real estate markets continue to get increasingly competitive, one thing you need to know is the proper way to make an offer on your dream home to prevent it from slipping through your fingers. No matter what the market conditions, we have a few suggestions that can take you through the offer process with flying colors. While we can’t promise that your offer will be accepted, we can help you be in the most competitive position possible so you’re one step closer to landing your dream home. Read on to learn about getting the house of your dreams in Birmingham.
Don’t assume the listing price is a place to begin.
The first conversation you should have is with your real estate professional. Begin by looking at comparable homes in the area for similar homes and recent sales. You can even do a little sleuthing on your own with Trulia’s search function, switching your search from “for sale” to “sold” and choosing a time frame in the past three months for the most accurate results. Comparable homes will give you a better idea about the seller’s asking price in relation to similar properties and help you shape your offer based on property-specific amenities and location.
Consider your payment: cash or financing?
Cash offers can sometimes command a lower selling price since there aren’t mortgage folks to deal with and the closing should go faster. If you’re using financing but can offer a quick close (less than 30 days), take that into consideration in your offer. Your real estate agent might even want to call the listing agent to see if a quick close could sweeten the deal.
What are the seller concessions?
Maybe you’re looking to have some of your closing costs covered. Perhaps you just want the carpeting replaced because it’s seen better days. Asking for seller concessions is a normal part of the offer process, but it helps to know what you can reasonably expect. If you’re in a competitive bidding situation, odds are that the seller is going to choose the offer with the least amount of work on their part. If you’re entering into a negotiation and something’s gotta give, your requested concessions might be the first place you’re willing to bend in order to stay competitive.
Remember, even though you might fall in love with one particular home, if it does not work out, there are still other places you can call home on your move to Birmingham.