Preparing for writing an offer on that home you love? Three helpful hints as you do:
1 – Before writing offer, review what you can afford. You’ve already been pre-qualified, discussed your mortgage comfort level with anyone buying the home with you, and given the process a lot of thought. Make one last check you are alright with the amount you’ll need to borrow, and your monthly payments. Once you’re set, track down your GREAT real estate agent and write that offer.
2 – Act quickly. Depending on market conditions, you may need to move fast on the offer process, and ensure your offer is presented by your GREAT real estate agent in a timely manner. In a competitive market situation, where inventories are lower and demand is high, days and hours matter. If this is the house you want, get going and stay on top of the process with your real estate agent.
3 – Submit a strong offer and prepare for negotiation. Your GREAT real estate agent should guide you through comps in the area and be able to discuss market conditions affecting price. Your offer should reflect that information if you expect it to be accepted. Beyond that, understand there will likely be some negotiating – not all offers are simply accepted without a bit of back and forth. Not only should you be mentally prepared for that next step, but also know the top number you’re comfortable paying prior to that. Getting caught up in negotiation, without keeping an eye on your comfort price zone, can put you in a bad position.
Brian Lawton is a licensed Wisconsin REALTOR®, real estate investor, industry blogger, entrepreneur, and Director of EXIT Realty HGM’s Wisconsin offices, where he lives with his family. Connect with him: LinkedIn.