Sage Realty LLC Explores How You Can Make a Good Offer on Your Home with the Help of a Talented Real Estate Agent
When you have found your dream home and are ready to make an offer, deciding how much you want to pay can be stressful. Paying too little can result in you losing the property to someone else. Full-service real estate agency, Sage Realty LLC suggests that for starters, individuals make an offer very close to the number they are really willing to pay. In addition, hiring a good real estate agent will help you sell yourself as a buyer.
How Can a Reliable Real Estate Agent Help Get Your Offer Accepted?
A competent real estate agent will always remind you that you never have to pay more than you want. Going in with a low offer does not guarantee that you will end up where you want. Instead, your real estate agent will present your offer in a way that shows the seller you are not playing games and are willing to pay a fair price. Once a seller understands that you are serious about your offer, they should not expect a significant increase in your offer.
How Can Making a Low Offer Have a Detrimental Impact on Your Chances?
Remembering that the seller is attached to the house you are trying to buy is important. Making an initial low offer could potentially insult them. Sometimes a seller will select a buyer who did not present the highest price because they think that the buyer better recognizes and appreciates the many wonderful qualities of their home.
Even if the seller does accept your offer, a low initial offer will almost always result in a defensive position throughout the transaction. Reluctance to meet other buyer requests may also be negatively affected because you have less leverage once a seller becomes defensive. For example, the seller may not want to make any repairs after the inspections. Also, the seller’s real estate agent will most likely try to solicit competing offers by calling up second-look buyers. If you are forced to compete with other offers, this will end up costing you more.
How Can Appraisal Contingency Protect You?
To protect you from overpaying, many offers have an appraisal contingency in which lenders hire an appraiser to assess the value of the property. If a home does not appraise for the price, you can back out of the transaction. However, even if you do not have an appraisal contingency, you will still have the typical mortgage contingency clause. The mortgage contingency clause means that the lender will reduce your loan amount due to an appraisal that was less than the price. You will also have a second “out” that will give you leverage to renegotiate the price.
When placing an offer on a home, remember that you should base your price on recent and relevant sales that your real estate agent has researched. If you have observed that the house has many new features or newly renovated rooms, paying more is to be expected. Although you will have a slightly higher monthly payment, you will not have to worry about paying for these improvements now or in the near future.
To learn more about how to place a good offer on a home or to check out the services that are available from Sage Realty LLC, visit their website at: https://www.findahomeinpa.com/.
Sage Realty LLC
37 West Avenue
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