Imagine the scenario: you’ve been on the hunt for your dream home—for months, maybe longer—and finally, you locate “the one.” You have all your ducks in a row, so to speak, and are ready to put in an offer that, with any luck, will make this dream home yours.
The thing is, writing an offer that will get you into the property you want is not so much about luck as it is adhering to some tried-and-true guidelines. Read on to learn a few of the most important things to bear in mind while writing your offer.
Think through all possible outcomes
Particularly in a “seller’s market,” the property you have your eye on is likely to attract multiple offers. That said, there are a few critical decisions you’d be wise to think through before putting in a formal offer. For one, what are you really willing to pay? Chances are, you’ll be asked for your “best and highest” offer in the event of multiple offers.
Further, on what terms are you willing to negotiate? If a seller has multiple offers, it’s unlikely they’ll accept your first one. Being prepared to negotiate means identifying which aspects of the deal you’ll stand firm on—and which you’re willing to budge on—before you begin the process.
Pick a closing date
Think this one’s inconsequential? Think again! If you love the home, you may want to move in tomorrow, but it’s likely that you’re better served going with the standard 30 days. And whatever you do, don’t make these 3 bonehead buyer moves during closing.
It’s also wise to consider a closing date closer to the end of the month—because of prepaid interest, you’ll conserve some cash in the short run. And what new homeowner couldn’t use some extra cash?
Know your submarket
Basing the amount of your offer on general market conditions—at a national level, a state level or even a city level—is not in your best interest. To make a great offer, you need to have a certain understanding not only of market conditions in your neighborhood, but on comparable sales within your price range and for the type of home you’re looking at. When you work with a First Team agent, we’ll run a custom Comparative Market Analysis to identify the most accurate comparable properties. Speaking of which…
Enlist the help of an experienced professional
The one surefire way to ensure you proceed as intelligently as possible in writing an offer on your dream home is, of course, hiring a qualified real estate agent to oversee the process. A First Team Real Estate agent will help to demystify any areas of confusion, and—most importantly—place you on a path for success by leveraging his or her experience and track record.
Enlisting the help of a seasoned agent might well be the most strategic move you’ll make in writing a successful offer, and on snagging your dream home for the best possible price. So what are you waiting for? If you’re not already working with a First Team Real Estate agent, contact one today!
