If you’re buying soon, you’ll want every advantage, especially when you’ve found the home of your dreams. Below are five tips to keep in mind when it’s time to make an offer.
1. Know Your Budget
Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. This pre-approval enables you to look for a home with greater confidence, while demonstrating to the seller that you’re a serious buyer.
2. Be Prepared to Move Fast
After you’ve found the home that suits your needs, put together and submit your best offer as soon as possible.
3. A Real Estate Professional Can Lead You to Victory
No matter what the housing market looks like, rely on a trusted real estate advisor. As Freddie Mac explains: “The success of your homebuying journey largely depends on the company you keep. . . . be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”
4. Craft a Strong, Fair Offer
Emotions can run high when you submit an offer. Crafting a strong, fair offer according to the market conditions is critical. Make sure you understand:
- The market value of the home
- Recent sales trends in the area
- Current buyer demand
5. Understand the Seller’s Needs, but Resist Waiving Certain Contingencies
When crafting an offer, you’ll want to keep both your best interest and the interest of the seller in mind. Consider which levers you could pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up.
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