Consider offering the list price if you really like the house, and think — based on those comps — that the asking price is fair. Even if you come in right at the list price in this scenario, you can sweeten your own offer by being flexible with contingencies. And this is certainly the case if you think the house is underpriced based on the comps — or if the market is very hot.
Of course, another perfectly valid reason to make a high offer is when you just really love the house. Whatever your motivation, your agent can guide you through the process of making an offer that feels right for you and your needs. Work with an agent you trust , find a home you love, and — regardless of market conditions — make an offer that aligns with your budget and lifestyle above all else.
Buyer Resources. Table of Contents. You can then factor this into your decision, as well as into the total cost of buying a house. Be realistic with what you can afford.
Alternatively, don't go in really low as the seller might just dismiss you completely. If you make an offer and don't have a mortgage in principle , the chances of the offer being accepted or even taken are slim.
Most estate agents will ask you during the viewings if you have everything ready in place. By having your mortgage in principle, you will look like you're ready to go ahead with the sale. You should talk to a conveyancer before you make an offer so they can prepare for your case. This will also make you look like a serious buyer to the estate agent and seller. Explain why you offered the amount you did, how you factored in other houses nearby and their sold prices.
If you offer a low amount, consider explaining the reason why. Perhaps the house needs serious repair work that will affect its value. Disclosures: Other state-required provisions or disclosures.
Sometimes buyers are encouraged to write a personal letter to accompany their offer, hoping to gain an emotional edge over competing buyers. Though these may seem harmless, so-called buyer love letters can contribute to housing discrimination. Additionally, it's important to know that this type of letter does not have any legal bearing on the transaction.
Your written offer will likely include a least a couple of standard contingencies. These are things that need to happen before the sale can move forward. Common contingencies include:. Final loan approval: In other words, you getting the mortgage, often within a specified amount of time. Home inspection: In addition to requiring that the property undergo a home inspection, this contingency may also specify how issues revealed during the inspection will be addressed for example, if the seller will repair or provide a credit at closing , or if the inspection is for informational purposes only.
Appraisal: Lenders generally insist on verification of the home's value via an appraisal, as they don't want to lend you more than the property is worth. Home sale: This is a less common contingency that means the purchase relies on the completion of another, separate transaction. This is usually either the sale of your current home or the seller finding a new home. Although you have to protect your interests and gather enough information to make a wise purchase, contingencies may act as roadblocks to getting a deal done — especially in hot markets.
Seller disclosures , on the other hand, are usually required by law. However, states differ in the types and amount of information that sellers must disclose; and sellers are not necessarily aware of every potential problem that a property may have.
Disclosures may also document details like homeowner association obligations and which appliances and fixtures convey with the purchase. Your offer should establish a time frame for receiving all required disclosures from the seller. The purchase offer should also address the number of days you have to review the disclosures, as well as your ability to modify or withdraw your offer based on these disclosures.
If the deal collapses because of something the seller does such as dropping you in favor of a higher offer after the purchase agreement is signed , the deposit should be returned to you. Wait for a response from the seller. If the seller declines or counteroffers and you still want to buy the home, come up with a more attractive offer and resubmit. If the seller wants more than you can reasonably pay, you need to be ready to continue your home search.
The same advice applies if you find yourself in a bidding war. It can be intense, but be sure to keep your cool and not blow your budget.
Work with your Realtor to figure out how to best navigate this tricky terrain. Avoid common deal-breakers. Common deal-breakers can include too many contingencies , asking for personal property, demanding a really fast closing date and other potential turn-offs to sellers.
What is included in an offer on a house? Here are some of the other items a home offer should include: Earnest money — This is a deposit you put down when you go to contract but before you close , which goes toward the purchase price of the home. It may not be refundable if you as the buyer back out of the deal. This part of the offer outlines reasons the deal can be terminated while still allowing you to get this money back. Contingencies — These may include things like allowing you to inspect the property before closing, and conditions that could result in the deal being terminated if issues are found during the inspection.
This is closely tied to your earnest money refund. Clear title stipulation — This is a mandate that the seller provides a clear title to the property. Other provisions — These could include other state-required provisions or disclosures. They will vary by location, obviously — your Realtor will know what to include.
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