Buying A Home: Making An Offer
Written by V. Cari on September 08, 2009
Buying & Selling A Home
Before jumping in and making an offer on a home you want to buy check out these useful hints on making an offer first:
Viewing again
It is wise to always view a house for a second time if you are interested in making an offer. You notice things that you didn`t notice before. Take along any children that you have or a partner that you are buying with.
You could also take along a friend or family member for their point of view. By the end of this visit you will know for sure if you want to buy the home or not. Get to know the neighbors and get a better feel for the neighborhood.
Making an Offer
If you are 100% certain that you still want to buy the house after your second viewing then you should start talking to your Real Estate Agent as soon as possible. Even if you leave it for a day you may be a day too late. Familiarize yourself with how offers become contracts. An offer is not legally binding except in Scotland.
What is the right price to pay?
Is it really worth the asking price? Have a look at other properties in the area that are similar and check out their prices. If there is a lot of houses for sale in the area that are of similarity this is good for business as you have more choice to choose from and the seller will also know this if they have done their home work.
If they haven`t point it out to them that there are plenty of other houses on the market. Buyers never pay the asking price and nor should you. If the price is £75,000 put in an offer for £72,500. Remember only pay what you can afford to borrow.
Take into consideration what additional work (& costs) may be needed.
Find out how long the house has been on the market by asking the real estate agent. A house that has been for sale for a while puts the buyer in a much stronger bargaining position.
It is often worth offering a lower price anyway to judge the seller’s reaction.
Make sure your offer is “subject to survey and contract”.
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