Finally, after getting pre-approval from the bank, you’re now ready to buy a new home. So, you’re now browsing the MLS listings on the internet and suddenly there’s this gorgeous house that caught your attention. It was so gorgeous, that you can’t even resist it. Then you told to yourself “This is my dream home and I wanted to grow my family here”. Right after that you called your agent about the property listed on the market finding out that you’re not the only one attracted to that home. Your problem is how you are going to make a good offer in order for you to win the home that you like. On the seller side, how are you going to choose a good offer to maximize your profit so as not to get below the amount that you and your house deserve.
There are a lot of things that we need to take consideration before buying and selling a property. It is our responsibility as a buyer and a seller to ensure that you’re getting a good real estate offer. So, what are the things that you need to consider before getting a good offer.
Here are some of the components of a good real estate offer.
A Reasonable Price
Price is the major factor to consider in making a deal. As a home buyer, before you make an offer you must take consideration on the seller side. Don’t make an offer that is too low, this will make the seller get insulted with your offer. Since this is their home and though they are selling it they also have personal attachment to the home. Be considerate so that you can develop the trust of the seller. On the contrary as a seller, don’t put too much value on the property. This will make the buyer withdraw the offer no matter how they like the property. So be reasonable in pricing your property.
Earnest Money Deposit
This will show how serious you are as a home buyer in purchasing the property.
Proof of Funds
Aside from giving the earnest money deposit, another important factor is the buyer’s proof of funds. Seller would want to see if the buyer has the capability of closing on a home before they take it off the market.
If you do not have enough cash to finance the property, you must obtain a pre-approval letter from a lender. Aside from showing the seller that you are capable of closing the home, you must also show the seller that you have the capacity to finance the property.
Meet the deadlines
Both parties must comply with all the requirements needed in order to meet the deadlines on time. In a business transaction the faster you close the deal, the better. Meeting the deadlines in the most stressful thing in a transaction process, try to value the time given in an offer.
I therefore conclude that aside from having a good offer one thing that the seller and the buyer really consider is developing a good relationship with the buyer and the seller. If both sides were able to developed a good relationship most likely it will turn out to be a good offer.