Falvey Real Estate Blog

Making an Offer: The Questions You Need to Ask Yourself First

Falvey Real Estate Group - Tuesday, December 08, 2015

Buying a house is a long process, but after months of searching for the perfect home, you’ve finally found one you could see yourself living in. Congrats! However, now that you’ve found your dream home, it’s time to make an offer. But just how do you go about doing that? Read on to find out!

Figuring Out How Much to Offer

Before you can physically put your offer in for consideration by the seller, you need to decide how much to offer. In order to figure this out, there are many different questions you should ask yourself.

  • How much has the house sold for in the past?
  • How much is the home appraised for at this point in time?
  • Is it a seller’s market (many buyers, not many houses for sale), a buyer’s market (many houses for sale, but not many potential buyers), or a neutral market?
  • Why is the seller moving? Is it because of problems with the home?
  • What did the seller pay and how long did he or she live there?
  • How much have similar homes in the area sold for?
  • How long has the home been on the market?
  • Are there changes planned for the area that could make the property worth more or less?

Your Realtor will be there to walk you through these factors and anything else they might think needs to be discussed.

Now that we know how much to offer, it’s time to learn how to make the offer.

How to Make the Offer

To physically make the offer, you will have to fill out an offer sheet or other type of written agreement. Verbal agreements are not acceptable in this situation and are not considered valid offers. Your Realtor knows these rules and will supply you with the form for you to make the written offer.

Once your offer has been submitted, it’s just a waiting game! The buyer will either accept your offer or submit a counter offer. It is a good idea to have a few backup counter offers in mind in case this occurs.

Make sure you stay in close contact with your Realtor and the seller or the seller’s Realtor during the offer process. This way, you’ll know right away when a decision has been made by the seller and be able to respond quickly. If you follow these tips, you’ll know that you’ve made a reasonable offer that will likely be accepted.

Looking to buy or sell a home? Contact the licensed Realtors at Falvey Real Estate today!