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FAQ ~ How do we know how much to offer? Can you help us so we don't insult the seller? Six Things to Consider

By 1~Judi Barrett

Real Estate Agent with Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 141871

June 06, 2012 12:17 PM

FAQ ~ How do we know how much to offer? Can you help us so we don't insult the seller? Six Things to Consider

Offer to Purchase

How much to offer on a home is as individual as homes and people are. BUT that said, here are some guidelines that may help:

These things should be considered in the order they are offered:

1. Have your agent run sold comps to see what similar homes have been selling for. Those comps need to be as near to the home you are wanting to purchase as possible, both in actual location and in comdition/style/size. If necessary, these comps can be used as support for any offer that you are making that is less than asking price.

2. How much of a loan have you been pre-qualified for AND are comfortable being in debt for? Actually, if the home is more than slightly above your pre-qualed amount, you shouldn't have been looking at it anyway.

3. What has the percentage of list price been for sold prices in the area? Are there abundant homes selling at full price or do many homes sell for 90% of list price. Your Real Estate Agent can help you with this information.

4. How long has this home been on the market.?

5. How badly do you want this home? Is your heart set on it? This may come into play in counter offers or if your first offer is ignored.

6. Is it possible to find out if there are or have been other offers on the property?

Evaluating these six things can help you decide (along with the assistance of your real estate agent) how much to offer on that home you want to purchase.

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Cal Yoder

Keller Williams Elite - Lititz, PA

Homes For Sale in Lancaster PA - 717.413.0744

Judi, really good, solid questions and advice. How do you determine if there have been other offers. I would not expect the list agent to reveal that

Cal

Jun 06, 2012 12:59 PM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

Judi - excellent advice. There are so many factors, and in one case you can play and go with lower offer, and then go higher in the negotiations, and in other cases we would suggest to offer more than the asking price and do it without delaying an hour.

It is as local, as real estate itself

Jun 06, 2012 03:44 PM

Roger D. Mucci

Shaken...with a Twist 216.633.2092 - Euclid, OH

Lets shake things up at your home today!

Great questions to ask yourself when you're a buyer Judi............and exactly why a trusted professional is needed.

Jun 06, 2012 07:38 PM

Stephanie Stringer

First Choice Loan Services NMLS#210764 - San Antonio, TX

Mortgage Loan Originator

Judi- This is a great list that you put together. Thanks for including #2 to your list. Yes, one may have to increase the asking price but do they qualify for the higher loan amount is the key! Take care.

Jun 07, 2012 12:27 AM

Barbara Michaluk

Weichert Realtors | Phone Direct 240-506-2434 | 301-681-0550 office - Silver Spring, MD

Leisure World Specialist / Full Service REALTOR

This is a great list of reasons for any buyer to consider when making an offer. As professionals, it's up to us to advise our clients based on these and many other factors.

Jun 07, 2012 11:20 AM

Martha Brown

Long & Foster Real Estate, Inc., Annapolis MD 21403 - Annapolis, MD

Your Homes Around Annapolis Agent

Good morning Judi- All great things for buyers to consider when making an offer. They are in good hands with you.

Jun 07, 2012 10:23 PM

FAQ ~ How do we know how much to offer? Can you help us so we don't insult the seller? Six Things to Consider

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