Where to Start When You Make an Offer
First you should consider having your Realtor prepare a comparative market analysis for you. This is really important since its probably one of the biggest purchases you will make in you life. It’s really important that you know what the value of the home is to make the best offer you can.
It’s important to understand the offer is only a starting point that hopefully leads to a purchase contract. However, until both purchaser and seller have agreed to all the terms, both parties have an opportunity to back out of the deal.
Beside the property’s market value, it’s a good idea to learn as much as you can about the home before you present the written offer. Your Realtor can answer most of your questions, but some things you may need to find out on your own - through your own due diligence. Having a home inspection will provide you more answers about the structure / safety of a home. This could help you to determine whether you’re ready to make that next step of signing an offer.
What Price Should You Offer?
The seller’s asking price is going to be a big piece of your decision-making process. The real estate market conditions and the amount of time a house is on the market may will affect the price you offer also.
• Is the seller’s asking price reasonable?
• What are comparable properties selling for?
• How long has the home been on the market?
An Important Consideration: Condition of the Property
• Does the price reflect the property’s condition?
• Are you willing and able to make any needed repairs?
• Is the home clean, neat and well-kept?
• Is the size and features of the home appropriate for your needs?
Know as Many Details as Possible
• Find out information from your home inspector about the heating, cooling, plumbing and electrical systems.
• Ask if the roof been repaired or the appliances replaced, and if so, when?
• Ask for a home warranty.
Learn About the Area
Drive around the neighborhood and ask yourself if you get a good feeling about the quality of life in the area. Do some online research about the area also.
• Are there parks, shopping, and recreational areas?
• How is the condition of the streets and local facilities?
• How are the local schools?
• What is your 1st impression of the neighborhood?
The Location, Amenities and Infrastructure
• Is there public transportation nearby?
• How is the local traffic?
• Are you near major freeways?
• Is there shopping nearby?
• Are medical facilities easily accessible?
• Are there any Planned Developments or Zoning Changes expected?
• Are the taxes reasonable?