The Top Mistakes to Avoid When Making an Offer on a Home
1. Start with the right price - this is crucial, and seem easy, but there are a lot of factors to consider when coming up with the correct offer amount. Is it a Buyer's, Seller's or Balanced market? How long has the home been listed for? Are there any other intersted parties? What's fair market value?
2. How large of a deposit should be included? This will vary depending on the offer scenario, if it's competitive or not. The quality of the home may come into play, as well as the overall offer strategy.
3. Conditions/Subjects - Which ones should be included? How long should they be written for? What are the potential unknowns and risks associated with the home?
4. Dates - Completion/Possession/Adjustment - Are you coordinating this purchase with another sale? If so, getting these correct is going to be paramount. Are you flexible on dates? That could end up being used as a negotiating stance in your favor. Are there tenants involved? How much time do they require to vacate?
These are some good questions to consider to avoid making some potentially terrible mistakes. Having a cursory knowledge and understanding of the contracts, details, and market are neccessary to navigate the offer process with ease. I will guide you through so you can make the most successful offer possible.