Steps for Making an Offer
When you finally find a home at the Lake of the Ozarks that you’ve fallen in love with, the next step is to make an offer! When it comes to making an offer, deciding a fair price can be tricky. There are a lot of factors involved that determine a fair price but it’s ultimately up to the sellers if they want to accept your offer. Having a trusted real estate agent at the Lake of the Ozarks to help you navigate through this process can help you make a fair offer. Read on to to get a few tips for making an offer on a home!
The Negotiation Process
When you find the home you want to buy, your first step is to submit an offer. Among other things, your offer should include:- Suggested sale price
- Any furniture or miscellaneous items you want to be included in the sale
- Suggested closing date
- Any repairs that must be made before the closing date
- How much time the sellers have to respond to your offer
From there, the sellers will review your offer and choose whether to accept, deny, or counter. If they counter, they may revise any aspect of your offer, such as the sale price or the other items to be included in the sale. You will then have the same opportunity to accept, deny, or counter. Eventually, you will arrive at a solution that everyone is comfortable with and both parties will sign the agreed-upon contract.
How Much Should You Offer?
Counter-offering is relatively easy because you can work off of the previous offer or counter-offer. Submitting the very first offer is a bit more challenging, though, because you have to start from scratch. How do you know how much to offer? Answering these questions will help you get started on the right track:- How long has the home been on the market?
- Are there other buyers interested in the home?
- Is the home in good condition?
- Are there any obvious repairs that need to be made?
- Looking at the big picture will help you determine how much to offer, as there are a lot of different factors that can influence what offer the sellers will accept. If the home has been on the market for several months without generating very much activity, for example, the seller may be more likely to accept less than the asking price.
A Few Things To Keep In Mind
Your Lake of the Ozarks real estate agent will be able to help you strategize the best offer, but here are a few general guidelines to keep in mind:- Be cautious about low-balling. Of course, you want to save as much money as you can on your home purchase, but if you submit an offer that's much lower than the asking price, you risk insulting the sellers.
- Don't offer more than you can afford. Submitting a generous offer is a great way to ensure that it will be accepted, but make sure you don't offer more than you have been preapproved for.
- Be friendly. In some cases, you may have the opportunity to meet the sellers. If your paths do cross, you'll want to do everything you can to be friendly and likable. Your transaction is not just financial; sellers typically have a lot of emotional attachment to their homes, and it can be hard to see them go. If you demonstrate your love for the house and your excitement to start your new life there, the sellers will likely feel better about passing the home on to you and will probably be more willing to accept your offer.
One of the best things you can do is find an experienced real estate agent at the Lake of the Ozarks to help you navigate through the real estate process. Your agent can help you negotiate a fair price and provide insight you may not have access to. The Fran Campbell Team is comprised of an entire team of experienced professionals and we are ready to help you find your dream property! Contact the Fran Campbell Team and let’s start your real estate search!
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