You found THE house and are ready to make an offer. Here is where having the right agent becomes very important. Rely on your real estate agent to guide you in the negotiation process.
Your first offer should leave room to negotiate.
Determine upfront where you will start and where you want to end (after any counter offers,of course.)
As you write your offer, consider the following :
- prices of similar homes in the area
- prices of other homes on the block
- condition of the property - upgrades made and work that is needed
- how motivated is the seller?
Your offer will include:
- downpayment if any
- details about your financing; note that you have preapproval
- spell out who pays what closing costs
- determine what inspections will be conducted, and who pays
- disclosure of defects by seller; repairs that will be made
- timetable for purchase; date of possession
- contingencies/cancel clauses to protect buyer and seller
- guarantees on the condition of the property at time of sale
- date for the closing
If your initial offer is turned down, you will probably make a counter offer. It’s important to follow your agent’s advice and counsel. Be sure all counter offers are in writing. And if it is just going nowhere after several rounds, the wisest course may to walk away and look for a new property.
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