How to Make a Great Offer

After you have been pre-approved to purchase a home, then it is time for serious house hunting.  When you find the house you like to call home, then it is time to make an offer.  At this point in time, you need to make a good offer.  How do I make a good offer?  First, you need to understand the market conditions in the area by knowing whether you are in a buyer’s or seller’s market.  Second, you need to have financing terms that you are comfortable with.  Third, when making an offer the fewer contingencies you have in the offer, the better the seller will like your offer.  Fourth, make a realistic offer from a price viewpoint.  The offer should be based on similar homes sold in the immediate neighborhood within the past six months.  Be sure to factor in conditions of the property and how fast homes are selling within the neighborhood.  If houses are selling quickly and getting multiple offers it will be necessary to bid competitively.  Otherwise, if the market is slower, this will give the buyer more wiggle room for negotiation.  Fifth, include a pre-approved letter with your offer to the seller.  This will enhance your chances as a buyer.  Finally within the offer, include a clause that allows for home inspection, and permits further negotiations for corrective work after receiving the inspection report.