Tips for putting in the right offer on the house

Team Shepherd By Team Shepherd, 1st Jan 2011 | Follow this author | RSS Feed | Short URL http://nut.bz/bz2a5n_w/
Posted in Wikinut>Family>Moving Home

Useful tips on how to purchase the home you want at the price you want.

Making sure your dream home doesn't slip by

Have you found your dream home? Well then, you should get ready to negotiate! As intimidating as this might be, don't worry because your Realtor will help guide you through the process of making an offer. First thing to do is get familiar with the market since the market is what influences the prices. So how can you find out the worth of your home?

Price comparison

Keep in mind that every home is unique and that the price comparison is just a reference to be used. With that said your Realtor will have tons of data that will help you analyze the worth of the home based on any other comparable homes.

Generally you can compare homes to the one you are considering if:
-They are both in the same neighborhood.
-They are, more or less, of the same age and condition.
-The size of the lot should be same or very close.
-They should both be the same style of a home, have same number of bedrooms and baths.
-And lastly the terms of sale should be similar.

Price check

A Comparable Market Analysis can help you find out the sale prices of those houses comparable to yours. You will be able to see the prices of sold homes in the area which compare to yours. The CMA will show you not only the sale prices but also the list prices and the lengths of time it took for each home to sell.

Making a good offer

There are tons of expensive homes on the market and sometimes it is hard to tell which ones are overpriced and which ones are set at a fair value. Make sure you use a Realtor to help you make the right offer. Otherwise you could lose that dream home by making too low of an offer.

What to do before making an offer

It is important to be on the same page as your Realtor when going after a house. Often times the market is competitive and you will need to make quick decisions leaving you with little to no time to think things over. That is why you should discuss your priorities with your agent beforehand. Things which you will need to decide on, and which are usually thrown around in negotiations are closing cots, move in dates, repairs, as well as the amount you are offering and how high you are willing to go. If all of this is in check the realtors job will be much easier and he/she will be able to act quick and strike a better deal.

And finally....patience

The success of this purchase is of utmost importance so be patient, and remember these transactions and deals often take several days to weeks. There is a lot of information that has to go back and forth so it might take a while, however in the end it should be more than worth it!

Tags

Agent, Cma, Comparative Market Analysis, Compare, Offers, Price Comparison, Purchase, Real Estate, Real Estate Agents, Realtor, Realty

Meet the author

author avatar Team Shepherd
A nomadic freelancer who loves writing about arts and crafts, earning money online and sports.

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Comments

author avatar Mark Gordon Brown
1st Jan 2011 (#)

My wife and I bought a rural 10 acre property for a hobby farm, these are even harder to find comparable properties for.

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author avatar Denise O
1st Jan 2011 (#)

Good info for the future buyer.
Thank you for sharing.:)

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author avatar Jerry Walch
1st Jan 2011 (#)

Welcome to Wikinut.

I was in pretty much the same boat as Mark when I bought my mountain home. I have 20 acres, most of it wooded and there weren't many properties to compare it with. To be completely honest, it was exactly what I was looking for so I didn't haggle too much about price.

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author avatar Melissa Dawn
2nd Jan 2011 (#)

Good tips and some good common sense! Thanks for sharing.

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author avatar Retired
4th Jan 2011 (#)

What a really great article.

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author avatar Carol
14th Jan 2011 (#)

Very useful article, many thanks

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author avatar Retired
19th Jan 2011 (#)

Thanks for sharing

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