The time will come when you’ve seen a few properties and you’ve decided on which best meets your criteria. You have a prequalification letter in hand from your lender, and you’re ready to make an offer.
Determine an appropriate value
First things first, just as when you list a property for sale we need to perform a market analysis in order to determine an appropriate value (by comparing your property to others that have sold in the same area, with the same or similar characteristics), we can use that same system to generate an appropriate offer.
→ It’s important to note that: Just because a property is listed at a certain price, doesn’t mean that price is fair or reasonable. We need to do our own analysis to ensure that you don’t offer too much or too little. Offer more than the property is actually worth, and you may find yourself unable to secure financing, when a lender discovers this through an appraisal. (They aren’t going to lend you more than they feel they can get for the house should you default on your mortgage.)
Set your terms
Once we’ve established what you should be offering for a particular property, then it’s time to make a few decisions regarding other terms—like any personal property you’d like to include in the contract (like drapes or appliances, for example) or any concessions you would like to request (such as cash credits to use toward closing costs). There are a host of possible terms and contingencies to consider, which can add up to thousands of dollars in some cases. We’ll help you decide which are important to you and how to structure them in order to make your offer as attractive as possible, while also getting you what you need.
It’s extremely common for sellers to place a counter offer, by returning your original offer back to you with a few changes. Sometimes that’s as simple as raising the offering price by a few thousand dollars, but they may also opt to adjust some of the terms or contingencies requested. There’s no need to be alarmed or offended by this, as it’s all just part of the typical negotiation process. Chances are, we can get it all worked out, even if it means a few back and forth sessions of adjustment. At any point in this process, should you change your mind or find yourself unable (or unwilling) to negotiate further, all you have to do is inform us and we will immediately withdraw you from negotiations. So long as the seller hasn’t signed and agreed to your last set of terms already, then the process is over and you’re free to move on to the next one.
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