Buyers Week! It's Time to Write The Offer
Now that you have been out and you have seen several homes, you have now narrowed it down to one that you would like to purchase. For most Buyers this is very nerve racking, but it doesn't have to be. Your Broker is going to walk you through step by step the process at hand. If you know how the process goes then it shouldn't be hard to achieve.
1. How Much Do I Offer?: This is going to be determined by what the home is worth. It is important that your Broker pull all the homes that have recently sold in the last six months that are like that home and in the same area. You can't just pull a number out of the sky when making an offer. You might bid too low and the Seller would immediately reject your offer, or you might pay too much for the home. Either way, your Broker will help you determine what is a fair price for that particular property.
2. I Only Want To Make a Low Ball Offer:This can be very tricky. If your Broker tells you how much the home is worth and you always want to bid very low just because you are trying to get a deal, you better prepare yourself for a lot of disappointment. The term "Buyers Market" has been thrown around to a point that Buyers think they can go ahead and steal a home. For the most part this is a Buyer's market, but you want to make sure that you don't upset the Seller. At the end of the day the Seller doesn't have to sell you his/her home. Remember you are buying a home. A place to hang your hat at the end of the day. If you are truly in love with the home, then you must pay what's fair.
3. Once I Have Written the Offer, Now What?: Once you have written your offer for the home, your Broker is going to deliver it to the listing agent ASAP. It is crucial that your Broker do this because someone else may be writing an offer as well. Once it is off to the listing agent now you will wait to hear back. The Seller will either accept your offer, counter your offer, or reject your offer. Your Broker will explain how to respond with either of these scenarios.
One little tip for you. Make sure that you have your earnest money and your pre-approval letter ready before you make an offer. These two things must be present when making your offer. Your Broker will send these to the Seller.
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