There are 10 main factors to consider when making an offer on a home. Taking into account these factors will only make your offer stronger.
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1. Price. We tend to think of the listing price as being the proper price, but this isn’t the case. You have to think about what’s a good price for you, and what value really means to you. The key is to be flexible depending on what research your Realtor provides you.
2. The earnest money. This sum is normally 1% to 2% of the sales price. If we have the flexibility to put some more earnest money down, that will be looked at favorably by the seller.
3. The down payment. With a lot of financing, we can offer a really low down payment. The more you can put down, the stronger your offer is going to look.
4. The closing date. It’s important to work with your Realtor and determine what a good closing date would be for both you and the seller. If there’s some flexibility you can give to satisfy the needs of the seller, all the better.
5. The lender. Your pre-qualification is very important, but it’s also important who you use for a lender. Using an online or out-of-state source as your lender is a red flag for most listing agents. You have to have a good, credible source of finance.
6. The possession date. Working out a possession date that is beneficial for both you and the seller will help enormously, especially if you need to work out a rent-back agreement.
7. The inspection. These are critical in ensuring that what you’re buying is a good, sound property. Sellers can develop anxiety over this process, and they want to feel that it’s done in a timely fashion.
8. The appraisal. Appraisals that can be done quickly can help the overall presentation of the offer.
9. Concessions. You as a buyer may need to make a few concessions, such as closing costs, to close the deal. You also have to construct these carefully so they aren’t viewed negatively by the seller.
10. The credibility of both you and your agent. Sellers like to deal with people they like. Time and time again, we’ve seen sellers accept offers that were inferior in price to other offers simply because they liked that particular buyer better. They will also gravitate toward a Realtor that they’re comfortable with.
If you or anyone you know is looking to buy or sell real estate and values good representation, we’d love to speak to them. Just give us a call or send us an email. We look forward to hearing from you!