Making an Offer: Tips for Painless Purchase
Question: Allison, what is the best way to make an offer on a property?
Answer: The great number of properties on the market and still-attractive interest rates make now an excellent time for buyers to purchase a first or second property.
Prospective buyers should obtain written mortgage approval from lenders for the amount they will spend on a home, as well as find a Broker who knows the local market and is skilled in negotiating. Your Broker will find answers to questions that could influence the purchase price.
When negotiating, prospective buyers avoid low-balling their first offer; but they should have a good idea of how much room they have to negotiate. Have your Broker give you the most comparable sales, and then take them with a grain of salt. We are in a rapidly changing market and the only sales that are truly comparable are those that are pending – that have not closed yet, but have a contract on them. Those sales are the most current and will give you the best idea of property sales in the area you are interested. Don’t reveal how much you are willing to pay and do be prepared for counter-offers.
Keep in mind that having too many conditions will make your offer less attractive to the sellers. Prospective buyers should focus on trying to get their dream property at a fair price. Just about every seller in the county right now is saying, “We’re not going to give it away!” Your job with your offer is to help the seller understand that they are not giving it away, but actually getting fair market value.
Finally, prospective buyers should never sign a contract for purchase and sale until they have reviewed the document. You wouldn’t believe how many people we find have not read and understand the contract they have signed. Take the time to go over it with your Broker.
For answers to your real estate questions, call Allison at 970-468-6800. Email - [email protected]. Allison is a long time local in Summit County. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Allison’s long-time residency and years of real estate experience can help you make the most of any buying or selling situation. She’s a Certified Residential Specialist (CRS), the highest designation awarded to a Realtor in the residential sales field. Her philosophy is simple, whether buying or selling, she understands that the most important real estate transaction is yours. Want to know the value of your Summit County property? Visit www.SummitHomeValue.com