Making an offer can be scary.
But with a Realtor® on your team, it doesn’t have to be.
Comp Expert
Now that you’ve narrowed down your selection, it’s time to check the comps – nearby properties that have recently sold and others on the market – to get a better idea of what’s happening in your area. Your Realtor® will have in-depth knowledge on your town, neighborhood, and even street to show you realistic pricing.
Seller’s Market
If you’re in an area with low inventory and high demand, you can probably expect multiple offers on the home. If that’s the case, your Realtor® will guide you on making an appropriate offer the sellers are likely to accept. Keep in mind, this might be above the asking price.
Buyer’s Market
If the sales activity is lagging in the area you’re looking in, you might be able to snag a great deal. When homes are on the market longer and demand is lower, you can often make an offer under asking price that a seller will accept. Your Realtor® will guide you on an appropriate offer so that the seller is likely to agree.
Negotiating
If your first offer isn’t accepted, don’t dismay! Often times, sellers will counter with a new number, and the Realtors® on both sides of the transaction will work with their clients to negotiate and come to an agreed upon price.
Rejected Offer
Sometimes, though, sellers aren’t willing to budge on a price, and if it’s more than you’re willing to pay as a buyer, it can be very disappointing, but you might have to walk away. But, your Realtor® will be there and will guide you on other properties that he thinks will work for you. The right home is out there, it might just take a little time!
Accepted Offer
Congrats! Now it’s time to draw up the contract. You can have an attorney review the contract at this time if you choose, prior to signing the document. You’ll also likely be required to put a sizable part of your downpayment into escrow.
Articles, tips, and resources for buyers
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