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In this episode, we’ll discuss making an offer and counteroffers.
Key Talking Points
· Most common decisions you’ll have to make as part of your offer
· How to make informed decisions
· How to handle counteroffers
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Workbook Pages
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An offer includes more than just how much you will pay for the home. Contingencies are hurdles that can help protect you and need to be passed in order for the purchase to progress. Home Inspection, Appraisal, and Financing contingencies are the most common.
Note: Appraisal and Home Inspection are NOT the same thing. Appraisal provides a professional opinion of value to the mortgage lender. Home Inspection helps make you aware of any potential concerns with the home.
Your agent will review and discuss comparable homes that have sold with you. Comparing homes that have sold, and the details of those sales (such as days on market, closed price, and concessions) will allow you to make informed decisions about your offer.
IMPORTANT: Do not make offers on multiple homes at a time. If a seller counters your offer, declines your offer, accepts another offer, or if you retract your offer before any of those options occur – then you can make an offer on another home.
Don’t get discouraged if you receive a counteroffer, it’s still a good sign! It opens up negotiations, which is far better than having your offer rejected. Counteroffers are not always about price, the seller could counter asking you to close sooner (or later), to change a contingency, or many other factors.
If you are buying a home that is in a HOA, Condo, or Co-op, they will have their own rules and regulations everyone must abide by. It’s boring, but it’s important you review the documents you’ll receive for the association so you can make sure the rules and community finances make sense to you.
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Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com