Writing an Offer
Writing an offer is often viewed as a complicated process, but it does not have to be. The buyer already knows the price that the seller is asking for, so all the buyer has to come up with is an offer that can satisfy the seller as well as get themselves a good deal. Writing an offer that will please both parties can happen, if you take the right steps and have a negotiation-savvy real estate agent by your side.
First, you will want to look at all of the homes in the neighborhood. To get a good estimate of what the value of homes are worth, have your agent check out a recent sale that matches the house you are looking at with the size, number and beds and baths, and the lot size. This will determine an estimated value of the home you wish to buy.
Next, you will want to inspect the home’s condition. The first element should be the structure — this is the most important part of the house, including walls, floors, windows, doors, and the roof. You should also consider the cosmetic elements of the home, including paint and carpeting. Water pressure and drainage should be checked as well.
After that, you will want to ask a lot of questions. Ask about any home improvements that have been made. Ask about how those were dealt with (did they get permits, were they major improvements, etc.). Room additions and granite counters in the kitchen are always a plus. If there are any expensive floors or pools, these should be taken into account as well. Your real estate agent should be able to provide you with the seller's disclosure on the house.
A big part of what you need to look for is the seller’s motivation. Why are they selling the house? How motivated are they to get rid of this one? Sellers who have already purchased a new home will be more motivated to sell their current home quickly to avoid double mortgage payments. Divorces can also cause quick sales. If a seller needs to get out fast, this is the chance to get a property for a few thousand dollars less than the market value.
Notice if any market conditions have changed in recent months. If homes are staying on the market longer, then you will probably have a chance to pick up a great bargain on the home you are buying.
A real estate agent is the best person to assist you in writing an offer. The offer is really up to you, what you're willing to pay, and how much you feel the house is worth. Most buyers end up offering a price that is less than what they will actually pay. But knowing how much you are willing to pay in the end will help the process and give your real estate agent the leverage for negotiation.
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Types of Resale in Today's Market:
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