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Things To Consider When Buying A Home (Fall 2020 Edition), chapter 8

Ready to Make an Offer? Four Tips for Success

Once you find the perfect house to call your new home, making an offer can be an intimidating part of the buying process. In such a competitive market, you’ll want to make sure you make all the right moves to ultimately land your dream home.

Below are four helpful tips provided by Freddie Mac so you can feel more confident about making a competitive offer on your next home.

1. Determine Your Price

You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.

Based on your agent’s experience and key considerations (like similar homes recently sold in the same neighborhood, the condition of the property, and what you can afford), your agent will help you determine an offer to present.

If you’ve been pre-approved for a mortgage in advance, you’ll be that much more prepared for this step. Pre-approval will show home sellers you’re serious about buying and will allow you to make your offer with confidence as it relates to your budget, savings, expenses, and more.

2. Submit an Offer

Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.

Talk with your agent to find out ways to make your offer stand out in this competitive market.

3. Negotiate the Offer

Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.

Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, your agent can discuss any potential repairs with the seller’s agent.

4. Act Fast

The inventory of homes listed for sale today remains well below the 6-month supply that constitutes a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to be in competition for their dream homes. Presenting an offer as quickly as possible might make a big difference when you’re ready to move forward.

Don’t be surprised if you find yourself in a bidding war in today’s low inventory environment. Your real estate agent will help guide you through every step of the process, so you don’t have to navigate it alone.

Bottom Line
Whether buying your first home or your fifth, let’s talk about your needs and what you’re looking for to make sure the process goes smoothly.

Things To Consider When Buying A Home (Fall 2020 Edition), chapter 7

Things To Consider When Buying A Home (Fall 2020 Edition), chapter 6

Things To Consider When Buying A Home (Fall 2020 Edition), chapter 5

Things To Consider When Buying A Home (Fall 2020 Edition), chapter 4

Things To Consider When Buying A Home (Fall 2020 Edition), chapter 3

Things To Consider When Buying A Home (Fall 2020 Edition), chapter 2

Things To Consider When Buying A Home (Fall 2020 Edition), chapter 1

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Crescas Real Estate

Crescas Real Estate is the most innovative real estate team in the Norfolk area. Crescas Real Estate 4013 Colley Ave, Norfolk, VA 23508 757-520-7355

One Response to “Things To Consider When Buying A Home (Fall 2020 Edition), chapter 8”

  • I really appreciate your suggestion of getting a home inspection before committing to a new house to make sure the true condition of the house is clear. As someone with very little knowledge about what kind of damage houses can have, I was afraid that I could be lead to a bad deal if ever I started looking for a new place. To be safe, I’ll make sure I have an inspection service at the ready when I start browsing for a new home for my family to live in.


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