How To Make Offers On Homes For Sale By J Harris At Isnare.com Ezine Articles

Once the excitement of looking at homes on the market leads you to the house of your dreams, reality kicks in. You need to make an offer; and hope that the seller will accept it. According to the National Association of Realtors, over 6 million homes a year are sold in the United States. But the reality is that there are a lot of counter offers and refusals before the sale is made. Here are a few of the things a homebuyer needs to know before making offers on homes on the market.

What Can I Offer for Homes on the Market?

First time buyers of homes always want to know the magic formula for making an offer on a house. While you may hear that sellers price 10% higher than they are willing to accept, the reality is a bit more complicated. The price a seller is willing to accept will depend on the housing market at the time, the length of time the specific home has been for sale, and the reasons for selling. For instance, in the current buyer’s market, you might assume that low offers on homes are expected. However, it’s also possible that the seller already feels that he or she has under-priced the house for that reason.

Knowing the reason that the homes you like are for sale can be really helpful in deciding what to offer. A family who is relocating, or has already purchased a new house, will have a lot more incentive to sell quickly and to negotiate than those without time constraints for selling their homes.

What Should I Include in the Offer?

When making offers on homes, you should be as specific as possible. Don’t assume that things like appliances are included, unless that is part of your offer. Offers on homes may include furniture, fixtures and appliances. Of course, the seller has the right to refuse or make a counter offer. But anything from built-in shelves, curtains, or the sofa may be included in your offers on homes for sale. This is an area that may lead to counter offers as both sides work out what is acceptable.

Expect Inspections on Homes for Sale

If you are buying, insist on being present for any home inspections that take place. Follow the inspector around and ask questions to make sure you are making an offer on a house that is structurally sound. Inspections on homes for sale are a must.

What Happens Next?

Once you have eliminated other homes on the market and are ready to make an offer, the paperwork begins. Usually, your realtor will take your offer to the buyer or the buyer’s agent. Then they will decide to accept, reject, or make a counter offer based on your proposal. If you have a professional realtor who has established a good working relationship with the buyers, that person will be able to smooth over any issues. If your offer is eventually accepted, you will move onto the legal process involved in buying homes.

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