bradschmett|July 6, 2020
Once you have secured financing and made all the requisite decisions regarding where you want to live and the sort of home you are looking for, the time will come to make an offer on that all important and special property. Naturally, your real estate agent will be there to guide you, but it is great to know what kinds of issues will be at stake. You want to be an active participant, along with your agent in the entire home buying process. Your ideas and feedback will be invaluable to your real estate agent since no one knows as well as you do exactly what you are looking for. Strategic planning as a team can go a long way toward placing an offer that is readily accepted.
If you are placing an offer on a home that is very popular and located in a highly desirable neighborhood you will need to be prepared to bid competitively. It is likely the seller will be receiving multiple offers, so this is a situation in which placing a very low offer will not be good strategy. First and foremost, be fair and be realistic. Letting your seller know that you have been pre-approved for a loan and by placing proof in your offer, will give you an edge over other offers that do not contain written financing approval.
Protect both yourself and the seller by including a property inspection clause. Using property inspection clauses allows you to reopen negotiations relative to any corrective work that may be required after you’ve received the inspection reports. Include any concessions you’d like the seller to make such as bearing the burden of a portion of closing costs, paying for title insurance, or replacing worn-out appliances or carpeting.
Be certain that any personal property items are listed in detail if they are items you expect to get in the course of the sale. For instance, a seller may make verbal mention that he or she intends to leave the patio furniture behind but if it is not in writing and part of the offer and they decide to take it with them, you are left with no recourse. Getting everything in writing from the start will avoid any potential landmines down the line. Reliance on verbal agreements or memory is never a wise decision.
Finally, take the time to go over every detail of the offer with your real estate professional when you are feeling refreshed and relaxed, and before it is presented formally to the seller. Taking care of these initial details will allow you to proceed with peace of mind and help to ensure that your offer is accepted.