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Here's How To Make An Offer On A Home
Looking for a new home is an adventure. It can also be a challenge. Before you get too serious with your search, you need to be thinking about financing. Know what you need in a home and what you can afford while remaining comfortable within your budget. Our real estate agents can help you figure out all of the details and make sure you have all the information you need to make a competitive offer on the home you want.
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Making an Offer – Several factors go into making a good offer. The age of the home and how long it has been on the market are key pieces of information that will help you start calculating your offer. Look for any repairs that will need to be made. The goal is to come up with a realistic offer that you can afford and that the seller feels is fair. Be prepared for a counteroffer and be ready to respond. If the market is moving quickly, you may not have a lot of time to think about it after the fact.
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Contingencies – Contingencies are clauses within a sales contract that allows you to back out of the deal if something isn't right. If an appraisal isn't where it should be, or a home inspection uncovers potential problems that could lead to major repairs within the first year or two. These contingencies are put in place to protect you from buying a property that doesn't meet your standards or those of your lender.
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Earnest Money – Your earnest money is a deposit made in good faith that says you are serious about your offer and that you intend to purchase the property if your offer is accepted. Depending on the market, the expected deposit is usually between 1% and 2% of the total price. The more you can put down in earnest, the more the lender will like working with you. Once you have paid your earnest money, it will go into an escrow account. As you prepare to close, the money will be added to your down payment.
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The Offer Letter – Your offer letter is one of the most important parts of making a reputable offer. When you work with a real estate agent, they will be the one to put your offer letter together and give it to the seller. It will include title information, any contingencies, concessions, or other information that will be required to close the sale and allow for the title to be transferred. If you aren't working with an agent, it will be up to you to write the letter and make sure the seller receives it in a timely fashion.
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Negotiate – If you are looking at Rockland County homes for sale, be prepared to negotiate. The economy is ever-changing, and sellers are trying to obtain a fair price for their property. While they may not be able to get their asking price, they want to receive a fair amount that represents an accurate picture of the value of their home. There will always be a middle ground where both of you can meet.
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Close the Sale – After the offers and negotiations are finished, you will need to close the sale. If you are working alone, you will want to hire an attorney. If you are working with a real estate agent, they will guide you through the process.
When you have everything in order, contact our agents to get the process underway. With our trusted agents, the process will go smoothly, and you will be enjoying your new home in no time at all.
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7 E Central Ave, Unit 15, Pearl River, NY 10965Phone: 800-ASK-JOYCE (800-275-5692)
