Now let's talk about making a KILLER offer to get the property you want. There a few critical things you need to be aware of that you need to have ready in order to put in a strong offer. This article is going to arm you with a few critical basics that you are going to need to get the house you want before anyone else.
Most buyers that I take out to look at homes that tell me they need a home now usually don't put in an offer. Why? It's either three things: the buyer isn't serious, the buyer is scared, or the buyer has a spouse or family member that prevents it, etc.. Which one are you? You need to do to put in a competitive offer to get the property you want.
Over the years I have seen buyers that will fall in love with the house that fits their needs and they will wait to put in an offer. The next day or even as long as a week later I would get a call from the buyer asking about the house and I would have to say someone else beat them to it.
If you just started looking for a home or have been looking for awhile then LISTEN UP because you don't want all the good deals to pass you by...while you think about it!
Take this list wherever you go so you can act quickly on what you need before you find the property you really want:
Take this list wherever you go so you can act quickly on what you need before you find the property you really want:
1. Where Do I Want To Live?
Sounds simple huh? Believe it or not, but I have buyers that will put in an offer and their so in love with the house that they don't take into account the neighborhood. Before you put in an offer, even though the price or the home may meet your needs make sure the area does as well.
2. When Do You Need To Move?
If you're shopping for a home then you need to know your time line for moving. If you have a specific time you need to move then you need to let the realtor know and include it in the offer. You may have a timeline if you're lease is up soon, if you have to relocate for a job, if you need to have the kids enrolled in school by a certain date, etc. Your date for moving is also important in case the seller of the home is unable to move out in time.
3. Do You Have A Pre-Approval?
Before you go out shopping for a home or putting in offers you should have met with a mortgage broker to get prequalified first. In today's market lenders are more strict about lending money and you need to know if you meet the requirements for the type of home you want. But more importantly, you need to know how much money a lender is willing to loan you before you shop for a house. Nothing is more devastating to a buyer than finding the home they really want, only to find out later they do not qualify.
If you have a pre-approval letter that is less than 3 months old then carry it with you to look at homes. If you haven't done this step then just go to your bank just for a pre-approval letter (don't sign any documents to commit yet) let the mortgage rep know you're just shopping around and need their terms and rates. You will need to bring a few financial documents, simply ask the mortgage broker before you visit the office.
4. How Much Down Payment Do You Have?
This is a major question you will be asked when you put in an offer. Have your funds ready, know the amount you're willing to part with and know how you're going to get your hands on it when it's time.
5. Do You Have e A Lawyer?
If someone is on your tail to get the house you want then you need to have a lawyer waiting for the call that you have an accepted offer and a contract on it's way out. Make sure you find an experienced real estate attorney, not a part timer or someone who is a criminal attorney and does real estate once in a while. This is an important transaction and you need a lawyer that is knowledgeable and detailed when it comes to real estate law and protecting your interests.
6. How Soon Can I Close?
You need to have a date or an approximate date in mind that you can close on the property and take ownership. Sometimes you may need to close earlier than your actual move date in order to move from another state or to do repairs or improvements on the home.
7. Terms and Conditions
You may need your closing costs covered or a portion of it, moving terms,repairs to the home, etc. You may want the seller to do some repairs or get credit for any damage based in a inspection report. Just go through the property carefully and take notes. Discuss the terms carefully with your agent and he or she can negotiate on your behalf.
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***I found a great source that is excellent for helping you know what to be aware of during your home buying process called, the Home Buying Defense guide. This ebook that you can download right now covers everything you need to know to protect yourself and your finances and to help you make smarter buying decisions. Click here to check it out now!
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I hope this information helped you to put in a SOLID offer when you find the property you want. If you need assistance or have any questions feel free to leave comments below so I can respond or email me at: RhondaKnowsRealEstate@gmail.com
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