Whether buying a home for the first time or back in the market after decades, making an offer comes with nuances that may make or break a deal.
Although the market has finally slowed down after the past few years of fast deals and low availability, homebuyers still face challenges. After finding the perfect property, avoid the following when making an offer.
1. Making a lowball or overpriced offer
After getting pre-approved and knowing the maximum amount, those numbers have a way subtle of complicating an offer. On one end of the spectrum, people try to avoid spending more than they have to and make an offer significantly under the listed price. On the other end, some people immediately offer the maximum they can spend. Doing some market research helps ensure an offer has the right balance.
2. Including too many contingencies
While people should not avoid contingencies, adding too many may instantly make the seller roll their eyes and wait for a better offer. The more included means more time spent going through them to determine if worth it. For both the seller and potential buyer, it can lead to a tedious experience that may make either party lose interest.
3. Waiving an inspection
After falling in love with a property, people may forgo getting an inspection. Even though everything seems on the up and up, an inspection ensures that any hidden issues come to light. In some cases, those problems could have financially devasting effects, such as a home with severe foundation problems.
When the time comes to make an offer, acting swiftly yet thoughtfully increases the chances of procuring an ideal property.
