When you fall in love with a Midland home for sale, your REALTOR® will tell you to jump on it – you can’t afford to wait, because if you do, someone else will come along and snatch the house right out from under your nose. But before you make an offer, you need to know these five things.
Don’t Make a Home Offer Before Reading These 5 Essential Tips
Keep these things in mind when you’re ready to make an offer on a Midland home:
- Be ready for speed
- Know exactly how much you can offer
- Make your offer fair
- Be prepared to negotiate
- Consider that you may have to walk
Here’s a closer look at each.
Home Offer Tip #1: Be Ready for Speed
The Midland real estate market moves quickly, and that means when you’re really ready to put in an offer, you must act quickly. It’s important that you have all your proverbial ducks in a row so you don’t miss out on your dream home.
Home Offer Tip #2: Know Exactly How Much You Can Offer
Before you submit an offer, know how high you’re willing – and able – to go. Maybe you’re willing to go up $5,000 in price but not a penny more, or maybe you could spend up to $20,000 more if you end up in a bidding war for the home. But regardless of where your high end is, you absolutely need to set an upper limit (and commit to sticking to it) before you put in your first offer.
Home Offer Tip #3: Make Your Offer Fair
Make your first offer strong and fair. In a market where about half of the homes are selling above their listing prices, you may need to boost your dollar amount to be a shoo-in (though that may not work either, and you may find yourself in a bidding war with an equally interested buyer).
Talk to your REALTOR® about how much you should offer when the time comes – your agent will know what the market’s like, what type of competition you’re up against, and what you can do to make an attention-grabbing offer that the seller will consider.
Home Offer Tip #4: Be Prepared to Negotiate
If you really want a home, you must be prepared to negotiate. The seller may counter your offer to get more favorable terms, and that’s perfectly normal. It’s up to you whether you want to negotiate or walk away when a seller counters your offer, but the more flexible you are, the more likely you are to reach a deal that gets you in the home.
Home Offer Tip #5: Consider That You May Have to Walk
Sometimes you just won’t see eye-to-eye with a home seller, and you just can’t get negotiations close enough to common ground to work for you. In a situation like that, you must be prepared to walk away; you don’t have to settle for a deal that offers you less-than-favorable terms.
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