After you have found the perfect home, you are ready to make an offer. This important information will help you get on the best possible terms with the home seller so that you can agree on a price, sign the contract, and start moving into your new home.
How Much to Offer the Seller
The asking price on a home is an estimate of what the home seller wants to receive. In a hot market, you may need to offer a little more than asking price; in a cold market, you can offer a little less than asking price.
Knowing why the homeowner is selling his or her home can also determine how much you can offer. If the home has been on the market for a long time or if the homeowner is relocating, you may be able to offer less than asking price so they may have a quicker home sale.
Should You Add Contingencies to Your Offer?
You may want to add contingencies to your sale to give yourself more time to sell your current home, qualify for financing, or receive the findings from the home inspection. However, the more contingencies you have, the less likely the New Albany home seller will accept your offer.
The Negotiation Process
The home seller wants to earn top dollar for his or her home. You want to buy this New Albany property for the lowest possible price. The negotiation process is tricky, and without the expert negotiation skills of a real estate professional, it can be incredibly stressful.
When the Seller Responds with a Counteroffer
When you make an offer on a New Albany home, the seller may respond with a counteroffer, which can include changes to the terms in price, closing date, occupancy date, or inspection time.
You can accept, reject, or counter the counteroffer until both you and the seller can agree. When either you or the seller accept all terms and conditions of an offer or a counteroffer in writing, a contract is written.
Getting Pre-Approved Will Make Your Offer Stand Out
If you are still in the initial stages of your home search, getting pre-approved for a mortgage is one of the most powerful negotiating tools you have.
Competing with other home buyers for your dream home in New Albany is not an ideal situation for you, but by showing the home seller that you are pre-approved, he or she will take you more seriously, and it will give you an edge over your competitors.
Our Real Estate Experts Have All the Answers
Making an offer on a New Albany home without an expert on your side can leave you feeling frustrated, and in a tough negotiating situation you could even lose your dream home.
As trusted New Albany real estate experts, we have all the answers to your questions about making an offer on a home and are more than happy to use our negotiation skills in your best interest. Contact us today and let’s talk about buying a home and getting pre-approved.