Once you have found the right real estate sales professional and finally decided on your new place after the countless listings online and attending numerous pen houses and private showings; well has the most painful process has come to an end? Not really
Once the decision is made the next step is to bidding the right price for your dream home. Why is this so important? Because if a mistake is made you may loose the chance to own your dream home. Some of the most biggest pitfalls buyers fall prey to when dealing with making an offer on a house are listed below;
Due Diligence: I cannot emphasize enough how important this step is and often in the rush to jump into making a offer on the house ignored. Although the home buying process is daunting, it is equally important to scale what you can afford. The best way to estimate an accurate budget is by securing a mortgage pre-approval this prepares you to understand what you can afford. Also make sure you have read all the conditions and understand the pros and cons before you make the offer and sign the offer documents.
You must also ensure the seller has paid all off his or her dues and taxes, no outstanding debts are linked to the home, and if you’re buying a condo, a status certificate is made available. Consult with our Realtor and lawyer is pivotal during these last steps.
Lowball Accuracy: Unless the selling price of the home is over priced you should refrain from bidding significantly lower than the asking price. Sometimes this may seem to the owner that you are not a serious buyer and lead to circumstances he may not want to sell to you at any cost. A general rule of thumb to is anything below 75 percent of the list price is too low. Make sure to estimate the bid by analyzing the market conditions; In in Sellers market take precautions as making a lowball can mean closing a deal will be near impossible. Make sure your Realtor is by your side when deciding on a price.
Home Inspection: Making an offer on a house Home Inspection Nothing is more frustrating than buying a house only to find a dozen problems and defects with the property weeks or even years down the line. To avoid the headaches of having to deal with unexpected and costly fixes in the future, have a professional home inspector look at the property before making an offer on a house. Remember, while the property may look pristine during the open house, a number of serious issues may be lurking behind the scenes, so take steps to ensure an inspection is done.
Positive Outcome: Making an offer especially if the offer goes through, dragging for months. Don’t let that happen to you. Be prepared. Get organized and have your funds ready, take steps to find home insurance, consult with your lawyer and prepare for the move.
The above mentioned pitfalls can help to make to a wise decision while dealing with a real estate offer if you have come across any other handy tips feel free to add them in the comments section to share with us.