Understanding the Art of Purchasing a Home
When it comes to buying a home, the ability and willingness to create an amicable deal is a must for both the buyer and seller. The first and most important step will be to understand what is going on within the marketplace and what is motivating the seller. The goal is to evaluate current market conditions and strike the perfect balance so that as a buyer, you feel good about the purchase price and terms.
KNOW YOUR MARKET
As the buyer, you will have the best chance at a successful offer acceptance if you research the price of other comparable homes in the area before making an offer. Your Coldwell Banker Willis-Smith REALTOR can show you what is on the market, what has sold and what has expired as well as how to analyze this information.
MAKE IT PERSONAL
When you make an offer, the seller will see nothing more than a piece of paper with some numbers on it that represent the price you are willing to pay. If you really want the seller to take your offer to heart, let them know why you want to buy the home. You can do this by preparing a handwritten letter expressing your interest and the reasons you fell in love with their house. If you have a family, tell them about everyone who will be living in the home. Let them get to know you and allow them to picture the happiness that you can bring to their house. Believe it or not, some sellers actually look at the process like finding a good home for a lost puppy. They want quality people to buy their home, so do you best to show them that you are sincere.
NOBODY LIKES REJECTION
Not every offer is accepted, so don't be disheartened if your first offer isn't a winner. In some cases, the seller will make a counteroffer. Have you ever heard the old saying, "never take the first offer?" The same is true in real estate, and almost every seller knows it.
WHY YOUR OFFER MAY NOT BE ACCEPTED
There are a number of reasons why a seller may choose to reject an offer, including believing that the offer was too low, the house is newly listed on the market or another offer may be higher. In some cases, sellers may also reject an offer that includes owner financing or other requests that are impossible to meet. One example may be an offer that requires the house be available within a certain amount of time.
READ THE FINE PRINT
Before you sign anything relating to a real estate transaction, make sure that you read over every detail of the agreement. If you have any questions, be sure to ask your Coldwell Banker Willis-Smith REALTOR. After all, real estate is our business and we are here to help you through every step.