How to Make an Offer on a House
Making an offer on a home is an incredibly exciting process. All of a sudden, your entire life in that house stretches out in front of you. You can imagine raising a family there, sharing quiet Sunday mornings there, and hosting company in that fantastic spare bedroom. Before any of that happens, though, you’ve got to navigate the maze of paperwork that is the offer process. Don’t worry, though. This post will walk you through it.
4 Steps to Make an Offer on a Home
You’ve finally found the right home. Here are four steps to make it yours:
1. Do Your Market Research
It’s rare for buyers to come in exactly level with a seller’s asking price. Instead, the standard practice is to research the local market and come in with a price similar to what comparable homes in the area have gone for.
To come up with this information, you’ll need the postal code for the local market and some info on the seller. If you’re working with a real estate agent (which is highly recommended), he or she will be able to give you some valuable input about the seller (perhaps they have a child in college and are in a hurry to sell the home), which will inform the offer process.
2. Get Pre-Approved
The home sale process can move quickly, and you need to be ready to pounce on a home you like. With this in mind, get pre-approved by your lender of choice.
This guarantees that a lender is willing to lend you a certain amount of money, and means that the seller will take your offer more seriously than offers that have not yet been approved.
3. Put Money in Trust
Outline your down payment amount in the purchase agreement. From there, agree with the seller to hold this deposit money in an escrow account. This allows the money to be returned to you if the deal falls through.
4. Sign the Papers
When everything is ready, meet with the seller to sign the papers. The seller will either accept the offer, reject it, or counteroffer.
The Perfect Home Is Yours
Buying a home can be challenging, but these simple steps will help you master the process of making an offer. Need additional assistance or advice? Give our team a call!
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