learn Detail

 If you are purchasing this alone, then you can internalize these questions. If you are buying with a significant other, spouse, or friend, these conversions should be had before an offer is placed. Though the process may be rushed at times, it is worth having this 15 minute conversation rather than getting yourselves into a 30 year commitment. 

Home Condition/Asking Price/Personal Affordability

Is the property priced based upon its condition?

What would you be willing to pay for this home?

Can you afford to pay this to live comfortably?

Competition/Comparable Homes For Sale

Is the property priced appropriately when compared to other properties in the area in similar condition?

Type of Market

Is it a Buyers market or a sellers market?

Are there more sellers or buyers in the market today?

Closing Date

Typically, closings with financing can take between 45-75 days to close. Please be in touch with your lender to make sure you are giving yourself enough time to close.

Contingencies

1. Inspection (yes/no, if yes, how many days, 5, 7, 10, 15)
   1. An inspection should ALWAYS occur whether or not the contingency exists
      1. You can understand the property’s condition and the repairs it would need if necessary
   2. When picking the term of the period, make sure you can schedule and receive the full report back in time to understand the properties condition and further negotiate
2. Financing
   1. If you are purchasing the home through a lender, you should consider placing a financing contingency on the property. 
      1. This contingency is important because if you are denied financing, you are able to relieve yourself from the contract and are not forced to purchase the property regardless.
3. Appraisal
   1. An appraisal contingency and the financing contingency are two separate contingencies. 
   2. The main difference is that the appraisal contingency will protect the buy if the property does not appraise at the contract price. 
      1. If the property does not appraise, this contingency allows the Buyer and Seller to try to work out the terms of the deal without breaching the contract
4. Association
   1. There are many properties that have been built and are governed by a Homeowner’s Association or a Condominium Association. 
      1. It is important to include this contingency in the contract as, in many cases, these associations can approve or deny applicants.

Believe it or not, placing an offer is one of the most important pieces of the real estate process. The offer can either set you up for success or failure. Take your time to fully consider the items above plus any other factors you deem important. Let the offer you provide leave you with no regrets whether you win the property or lose it. 

Other considerations:

When placing an offer on a home, there are several key things you should do to increase your chances of having your offer accepted:

Understand the market

It's important to have a good understanding of the local real estate market before placing an offer. Your real estate agent can provide you with information on recent home sales, current inventory, and other market trends that can help you determine the right offer price.

Set your budget

Determine your budget before placing an offer. Consider factors such as your down payment, closing costs, and monthly mortgage payments to determine what you can afford.

Negotiate

If the seller counters your offer, be prepared to negotiate. Work with your agent to determine your best course of action, which may include accepting the new terms, rejecting them, or submitting a counteroffer of your own.

Be patient

Be patient during the offer process. It can take time for the seller to respond, and negotiations may go back and forth several times before a final agreement is reached.

Follow through on contingencies

If the seller accepts your offer, be sure to follow through on any contingencies such as a home inspection or appraisal. These steps can help ensure that you're making a sound investment and avoid any surprises after the sale is complete.

Overall, placing an offer on a home requires careful consideration and attention to detail. Working with an experienced real estate agent can help you navigate the process and increase your chances of having your offer accepted.