Making an Offer
Finding a home that you are ready to put an offer in on can be a whirlwind experience. Luckily, to get to this point you have had a buyer orientation going over what to expect and are also pre-approved or have a proof of funds letter. Below are some helpful tips and tricks to consider while crafting your perfect offer.
WHAT PRICE SHOULD YOU OFFER?
This is an area where your Agent will shine! Every property is unique and will feature pros and cons. Your Agent will be able to run a market analysis for you to determine if the property was priced right to begin with. From there, you can decide to offer more, offer less, or offer exactly what the listing price was. Over the years, we have seen every situation possible, from buyers offering well above listing price due to multiple offers in play to buyers getting serveral thousand off of list price.
There are a variety of inspections that you could request and pay for including: whole house inspection, radon, lead based paint, mold, etc.The most commonly requested inspection that we see is a whole house inspection. If your whole house inspection request is accepted by the seller, we strongly encourage having an ASHI certified inspector, like Scott Koel with Signature Property Inspections, perform the inspection. What does the inspector do? Well, they will investigate all areas of the home: attic, roof, crawl space, electrical panel, check outlets, test water systems, and more. Hours later, once the inspection has concluded, you will meet with the inspector you chose to go through all of the findings.
DO YOU NEED CLOSING COST ASSISTANCE?
In some scenarios you may be able to ask the sellers to make a financial contribbution to your closing costs. This contribution will be a net loss to them and a benefit to you. The amount you are able to ask for is factored by a percentage limit that is controlled by your loan type. In the event you are competing with other offers, sellers and their agent will weigh the pros and cons of every offer and may not select one requsting closing costs. On the flip side, if it is an agressive sellers market, it is possible for buyers to offer to pay for some of the sellers title costs. If you have additional questions on closing costs, please refer back to our closing costs tab.
ASK FOR ESSENTIAL PERSONAL PROPERTY
More often than not, all of the kitchen appliances you saw in the home will be included in the sale. If you saw something in the home that you would like to make sure is included in the sale it is imperative that you let your Agent know and that it is written in the contract. Items that could be included are: blinds, curtains, curtain rods, smart thermostat, video door bells, security systems, washer, dryer, and garage shelving.
DO YOU HAVE A HOME SALE CONTINGENCY?
If you need to sell a home in order to purchase your next home it is absolutely vital that your Agent write in your purchase agreement that your offer is contingent on the sale of your home. Doing this accomplishes two things, you let the sellers know they would be accepting an offer with a substantial contingency and you will be protecting yourself as a buyer should your home sale fall a part or delay in anyway.
Home warranty companies, like CINCH, offer home warranties that generally cover failures incurred from daily wear and tear of the major kitchen appliances, water heater, HVAC systems, plumbing and electrical. In your purchase agreement you may elect to purchase a warranty, request the seller pay for your warranty, or decline coverage. This is an optional addition to the purchase agreement and know that a home warranty can be purchased at anytime and are usually good for one year.
ARE THERE MULTIPLE OFFERS?
The answer to this question is incredibly vital to know. It is the responsibility of your Agent to call the listing agent and ask questions/work on your behalf. If multiple offers are in play, then you and your Agent may want to consider what may make your offer more appealing. If there are no other offers than you may be "good to go" with your existing plan for your offer.