When do I make my offer? How much do I bid? Should I wait for the price to drop a little?
Should I work with several different agents or just stick with one?
How do I know what I can afford? Is this house right for me?
Answers will vary according to your likes and dislikes and your financial position in life. Let's explore these options.
When do I make my offer?This is usually the first question people ask me. It should not be the first question, but what can I afford? Should be first.A really good mortgage consultant will pre approve you and you will know before you go out looking. Now the next question in my mind is what mortgage payments am I comfortable with paying? My life style might be effected, what am I willing to give up, if anything, to live in this house. If eating out in expensive restaurant is important to you then you will have less for mortgage payments. Very personal on this one.
Is this house right for me? What did you feel when you first entered the house? Was it WOW! I could really be happy with this. Or, this needs a little tender loving care, but I could make it mine by doing this and that. These are all positive signs. Next drive or walk the neighborhood. and at different times. Remember, not much you can do with the area, but if you like it, you buy it, it comes with the house.
Should I wait for the price to drop? Not if you really want this house. When the price drops, if it drops, it opens it up to more buyers that would not even have looked at it at the higher price. What do don't want to hear is, "They just accepted an offer" Now what do you do? If you make an offer and it's countered or rejected, at lease they know you are interested. Now if they get a better offer, they can contact you to see if you can do better. You just might be the winner.
Now your ready to make your offer. If you were working with one agent, you can ask them what similar houses sold for in this area within the last 3 to 6 months. This is public record. Your agent is saving you time and helping with the offer. Take advantage of this. Weather the agent is a buyers agent or working for the seller, if you don't buy the house, there are no winners.
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