Have you found your dream home on the Lowry real estate market? Before you can pack your belongings and move in, you have to make an attractive offer to the seller. But, this is where many buyers go wrong. If you want to make sure you score your dream home, avoid these common mistakes when making an offer:
Making an offer without knowing your budget.
Before you make an offer on a home, you need to determine your budget. If you plan on financing the home, you will need to meet with a lender and get pre-approved for a mortgage so you know exactly how much you can spend. If you don’t do this, you’re really just pulling numbers out of the air and taking a chance that you’ll be able to secure the loan if your offer is accepted. Serious buyers always meet with lenders prior to searching for a home so they have their pre-approval documents ready for the seller and seller’s agent to review. Read mortgage preapproval: understanding the process
Maxing out your budget.
If you plan on spending between $200,000 and $250,000 on a new home, you should never make an initial offer of $250,000. Why? It’s a sellers’ market right now, which means sellers will most likely make a counter offer after they have received your initial offer. If you start off by offering $250,000, you aren’t leaving yourself any wiggle room. This means you won’t have any room in your budget to compete with other buyers or negotiate with the seller.
Waiting too long.
Once you find the home of your dreams, don’t wait too long to make a move and submit an offer. Talk to your agent about putting together a contract as soon as possible. You never know when another buyer will swoop in and submit an offer to the seller, so it’s important to act fast if you know you’ve found the one.
Not listening to your real estate agent.
Real estate agents are experts in helping people buying and selling homes, so it’s important to listen to their advice if you plan on making an offer on a home. If an agent tells you that the offer you want to submit is far too low to be taken seriously, don’t insist on submitting it anyways. This is a waste of time for everyone involved, and gives the seller the impression that you’re not serious about actually buying a home. If an agent suggests that you compromise on the closing date to make the offer more attractive to the buyer, consider doing so if you can. Agents deal with buyers and sellers on a daily basis, so they know best. If you’re serious about making an offer, listen to their advice.
Now that you know how to craft the perfect offer, are you ready to buy a new home in Lowry? Contact Elevation Realty
to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.