COMING UP WITH AN OFFER
The offer incorporates a few major steps in the home-buying/selling process. The offer effects negotiation, the appraisal, and the competition of the home. The offer also incorporates several factors of the property itself. Understanding the offer allows you to properly access the property and the value. A good realtor guides you through developing an offer that places you in good standing with the seller’s.
Before the offer
A good realtor walks through the validity of the listing price presented. As Joe Carroll indicates in Pennie Sense, in appropriate situations a market analysis on the buyer’s side should be conducted to justify the listing price. Taking in account the properties history, surrounding homes, and what the house has to offer.
The Offer
Once the property is assessed, a good realtor helps you navigate the current market and the relevancy of the listed price. Thinking through offering over, under or on the dot are all factors in the competitiveness of the listing.
After The Offer
If the offer is accepted, then enters in the negotiation period. This time is for the home to go through quality control with a Home Inspection. Before the final purchase agreement is concurred, buyer’s and seller’s can evaluate a home inspection and adjust purchase price moving forward. The bank then conducts an appraisal to assure the price matches the value of the home. In other words, the house under goes multiple layers of quality control to make sure the deal is valid.
When in doubt, having a good realtor by your side is the first step to entering an offer done well.