Writing a Great Purchase Offer is Important
It is common to experience a variety of feelings but having prepared for this stage helps keep everything in perspective. Your Realtor will have researched the neighborhood, knows the environment, and has specific advice for preparing your offer to purchase this home. Broker FARR will walk you through the common questions and share the process of formulating a compelling offer with your purchase scenario.
- How is their current asking price? Since you have already been shopping for a home, you will have a gauge of how other homes with similar features compare to this one. Your Realtor will also have data and a list of current and sold homes to compare the sales price
- What is the home’s condition? Is this home move in ready or does it have any visible items that may need repaired before moving in? Understanding what is typical to what is important matters when calculating an offer amount? Consider any costs of improvement when deciding your initial purchase offer price
- How long has the home been on the market? Generally, the longer a house has been on the market means that there may be other factors. Your Realtor will ask a variety of questions and comb through the data to share their findings and opinion to how this can help mold your offering price
- Is it a seller’s or buyer’s market? If you have experienced those homes you’re interested in are being bought as soon as they’re listed means it is a seller’s market; offer accordingly. Now if houses aren’t selling fast, you may be in a buyer’s market which gives you more leverage in negotiating an offer to purchase. Again, offer accordingly.
Once you’ve have reviewed and determined how much you’d like to offer, your Realtor prepare and submit a winning purchase package to the seller for review. Additional details includes:
- A complete legal description of the property
- Amount of earnest money you’re depositing initially
- Your down payment amount and financing details
- A requested closing and possession date
- How long your offer to the seller is valid
- And a handful of professional suggestions from your Realtor
If possible, ease into the emotions as this could be just the beginning of the negotiation process. The seller has three options: to accept your offer, to reply with a counter to your offer, or reject your offer. Broker FARR will strategize with you on the best way to write, present, and negotiate your offer a most favorable outcome. An Acceptance – Congratulations!