Making an offer on a house is the pivotal moment of the homebuying process. By this point, you have been working with one of our expert Realtors and have found the home that is right for you. You have determined that this home fits your budget and you are ready to make an offer. This can seem overwhelming, but our team will help you through every step.
Here is how to make an offer on a house that will result in a successful home purchase:
1. Compare Prices
While considering what offer to make on a house, one of the first steps is to compare the price to other recently sold homes in the area. Your real estate agent will help by running the comparisons for you. It’s important to understand what similar homes in the area have sold for over the previous six months. By examining not just the seller’s asking price, but how it compares to others on the market, you will be able to assess what the property is worth. From there, your agent can help you decide on the right amount to offer.
2. Decide on an Initial Offer
Consider whether you are competing against other bidders and how close the research of similar sales is to the asking price. There is a lot of negotiation involved in buying a house. A common misconception about buying a house is that an aggressive approach is best. Our Realtors know, however, that there is a delicate balance to be found. You don’t want to start too low and risk insulting the seller. An aggressively high offer can sink the process just as fast. Your agent will work with you to find the perfect balance and help you make a great first offer on your potential home.
3. Submitting and Negotiating
After confirming with your Realtor what your offer will be, you submit the offer in the form of a contract to the sellers. Upon receiving your offer the seller can either accept it, counter it, or decline it. If they accept it, then congratulations! Your agent will begin to prepare you for the closing process. The most likely next step, though, is a counteroffer. This means that the seller has come back with some negotiations on price, contingencies, or the closing date. If they want to make a deal with you, then there will most likely be some lengthy negotiations. Our expert agent will help you through every step. If you can come to an agreement with the seller, then you can start the closing process!
4. After the Offer is Accepted
After you have made an offer on a house and it was accepted, you will start the closing process. Your Realtor will guide you through the mortgage process, inspections, and closing before you move into your new house. At this stage, you can breathe a sigh of relief, since you have now pivoted from homebuyer to future homeowner! If you have any further questions about how to make an offer on a house, or any other part of the home purchase process, please don’t hesitate to reach out! Our team is always happy to help.