As a homebuyer, how can you create an offer that the seller can’t refuse? I have a few tips for you today.
Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation
As a homebuyer, there are things you can do to create an offer that cannot be refused. If you’re working with an agent, they will help you through this part of the deal.
First of all, be very specific in your offer. Be clear about improvements or repairs that you want the seller to make before closing. You should also be specific about identifying any appliances or other items that you understand to be included with the home. Spell it all out—be painfully clear. Be as specific as possible when writing your offer.
There are a few terms that you need to know to ensure you create the perfect offer.
For example, there’s the counteroffer. The seller may accept your initial offer—no questions asked. However, it’s more likely that he or she will make a counteroffer. They may accept some of your terms but make changes to others, or raise the purchase price.
This process goes back and forth until either you and the seller agree or the deal falls apart.
Now, your offer will generally have some contingencies. The acceptance of the sales contract can be made contingent on certain circumstances, such as the sale of the buyer’s home. If you are a first-time homebuyer, I recommend adding two contingencies to your offer: that a house passes any inspections you want to perform, and that the home appraises.
When your offer gets accepted, you can do a little happy dance. Then, get working on finishing the deal. Contingencies like home inspections generally come with a time limit attached, so make sure you complete those things on time.
Make your earnest money deposit. This is part of your down payment on the home that you put down after the offer is accepted. Earnest money tells the seller that you want to buy this house and they can safely take it off the market. The money usually goes into an escrow account held by the title company, which is picked by the buyer.
If you have any other questions about creating the perfect offer or buying a home, just give me a call or send me an email. I would be happy to help you!