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How Much Should I Offer on a Home?

Reblogger
Real Estate Broker/Owner with 1 Month Realty 49855-090

In today's Real Estate Market there are numerous thoughts that go through a buyer's mind when they are searching for the Dream Home. 

Happy Agent

Don't make the mistake that some are making and be sure to heed the expertise of your Buyer's Agent so that you are making a Fair Offer - or Best Offer and be sure to have that Pre-approval in hand before you even start looking.  There might not be time to "start the pre-approval process once you've located a home" as there may be 1, 3, 6 or even 10+ other buyers bidding on the property you love. 

Snooze, you lose!  IMHO

Original content by Beth Atalay

How Much Should I Offer on a Home?

Buying a home is a major event in our lives and we want to make sure we’re doing everything right and not overpaying for our dream home. How do we know what that price is? It’s really not that complicated but time isn’t on your side as a buyer, just don’t take too long to make a decision.

I’m hoping you are working with a local, knowledgeable Realtor you trust. Keep in mind, a Real Estate agent is there to guide you, the final decision is yours.

Here are some myths on how much you should offer on a home;

-Cash is king, cash buyers should offer “x” amount lower than list price
-Always offer less than asking price
-Don’t ever pay the asking price
-Call the listing agent directly to pay a lower price for a home
-Google the answer
-Ask uncle Joe, he’s been buying homes for years
-The house has been on the market for two months, sellers must be desperate to take just about anything
-Always ask for seller concession

As a buyer, it is important for you to get pre-approved by a lender if financing so you know exactly what you can pay for your dream home. Most sellers wouldn’t even entertain your offer if you do not have a pre-approval letter along with the offer. If you haven’t already, search, interview and find an agent to assist you with your home purchase.
Some buyers look at homes $50,000-$100,000 over their approved credit thinking they can pay considerably less than asking, this is not a good tactic at all, you’ll be opening yourselves up for disappointment.

-Making an Offer- your agent should be pulling comps to see what the similar homes are selling for to determine a fair market value of the home you wish to make an offer on.

-Best and Final- If there are multiple offers on the home, you should reconsider offering less than asking. I am currently working with a buyer, she asked me to offer $120,000 less than asking knowing there were multiple offers. This is an REO and fair market value is close to $600,000. Guess what? She didn’t get the house.

-Do you really want the house? If you really want to own the home, be fair. Be fair with your offer when it comes to price as well as the inspection. Asking for things like removing nails from the walls or replacing a dead plant can kill the deal.

Lastly, when it comes to buying or selling a home and how much you should list or pay it, don’t believe everything you read online, instead, talk to a professional.

How Much Should I Offer on a Home?

 

 

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Beth Atalay, Broker/Owner

Cam Realty and Property Management

407-929-1852
Wheretoliveinorlando.com BethAtalay@Gmail.com
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Comments (8)

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

great re-blog from our friend Beth Atalay  I will have to stop  in and comment there, Endre

Feb 19, 2018 10:07 PM
Diana Dahlberg

Thanks Endre Barath, Jr. 

Feb 20, 2018 09:15 AM
Golden1 Agents
San Mateo, CA

Thank you for sharing this. 

Feb 23, 2018 08:37 AM
Diana Dahlberg

You are very welcome.  This is a valuable message.

Feb 24, 2018 04:22 PM
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Diana, there is a lot of great content in this post. Buyers often get bad advice from friends and loved ones and should really pay attention to their buyer agents advice.

Apr 25, 2018 07:15 AM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Good morning Pat Starnes, Brandon, MS ... I totally agree!  That's what we are paid the Big Bucks for ... right?  Hmmmmmm.

Apr 25, 2018 07:25 AM
PropertyMinder (AccelerAgent)
PropertyMinder, Inc. - San Jose, CA
Modern Tools for the Modern Agent

Wonderful re-blog and excellent additional sage advice, directly from you, Diana Dahlberg! - Tim 

Apr 30, 2018 02:48 PM
PropertyMinder (AccelerAgent)

You're very welcome, Diana Dahlberg - Tim 

Apr 30, 2018 03:13 PM
Diana Dahlberg

Thanks Tim.  I appreciate you taking the time to share your encouragement.  Made my day!!!  PropertyMinder (AccelerAgent) 

Apr 30, 2018 03:08 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Diana

Great choice for a reblog, especially in today's competitive market.  Working with the right Realtor will help ensure the offer is the right one, assuming the buyer is willing to listen.

Jeff

May 21, 2018 10:07 PM
Diana Dahlberg

Thanks @Jeff Dowler ... appreciate your kindness!

May 22, 2018 08:08 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Wonderful one to reblog from Beth Atalay, Diana! I have to agree that representing several sellers of late with cash Offers coming in more than ever before, they realize that money is money.

At the end of the day, the sellers are still walking away from the table with the amount of money agreed upon. Why go lower just because you believe there won't be issues?...there are often other issues that we face with cash buyers!

Hope you have a wonderful weekend!

Jul 07, 2018 07:32 AM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Thank you so much for the reblog Diana Dahlberg

Jul 08, 2018 11:48 AM
Diana Dahlberg

Hi Beth Atalay -- you are very welcome!  I have not reblogged very many times, but your blog really hit home!  Thank YOU!

Jul 09, 2018 09:54 PM