If you’re buying a home for sale in Midland, your REALTOR® will talk to you about making an offer – and he or she will help you choose the appropriate amount, walk you through negotiations and help you seal the deal. But in the meantime, here are five common offer mistakes new buyers make so you can avoid them.
5 Common Offer Mistakes New Buyers Make
These are the most common mistakes new buyers make with home offers:
- Waiting too long to make an offer
- Going in with your max offer from the start
- Putting in a lowball offer
- Waiving your inspection
- Taking the wrong advice
Here’s a closer look at each.
#1 Home Offer Mistake to Avoid: Waiting too long to make an offer
When you fall in love with a home, there’s a good chance that someone else is feeling the same way. Your REALTOR will most likely tell you to make an offer quickly – and you should listen. If a seller gets an offer from another buyer before yours, and he or she accepts it, you’re out of the game. You’ll have to keep looking to find a home that meets your needs.
If you find a home you like, don’t rest on your laurels. Make an offer quickly!
#2 Home Offer Mistake to Avoid: Going in with your max offer from the start
If possible, try to avoid offering everything you have. You’ll have a preapproval amount, but it may not be a good idea to bring your absolute maximum amount to the table. Talk to your REALTOR about how much you should offer – and remember, in some cases, it is appropriate to offer the max amount you qualify for.
#3 Home Offer Mistake to Avoid: Putting in a lowball offer
A lowball offer is one that’s far lower than the home’s list price – and often, these offers are so low they’re unrealistic. Some buyers believe that these offers are good starting points for negotiations, but in reality, they really only put off sellers. Sellers are likely to reject these offers outright, and they may not be willing to entertain a future offer from you, either. Your best bet is to make a fair, reasonable offer if you really want the home (and your REALTOR can help you find an appropriate amount).
#4 Home Offer Mistake to Avoid: Waiving your inspection
You may be tempted to waive your right to a home inspection so that your offer stands out to a seller, but that can be a grave mistake. That takes away your “out” if there’s something fundamentally wrong with the home – and you need the option to back away from the deal if the house has an issue you simply can’t live with. Waiving your right to an inspection also takes away an important bargaining chip you can use to get the best possible terms.
#5 Home Offer Mistake to Avoid: Taking the wrong advice
It’s always great to listen to various opinions before you make a major decision, but you have to be careful where you’re getting those opinions. Your REALTOR knows how the real estate market works in Midland, and he or she understands what will work and what won’t work (and even how some things work in one neighborhood but not in another).
Are You Buying or Selling a Home in Midland, Texas?
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