Once you find a house that you like, and are wanting to make an offer, here are a few things you may need to think about:
1. Be as quick as you can when submitting your offer – especially if the house has not been on the market for long. You want to beat other buyers to the punch.
2. Think about the seller motivation. This is where I, as your real estate agent can try to figure out why they are selling. This could help your case. For example, if they’re moving out of town and need to make a quick sale, your offer letter could state that you’re happy to have a shorter completion date.
3. Find out the reason. Especially if the house has been on the market for a while. I will check to see if there are any issues.
4. Has the seller received any other offers on the house? Depending on the seller’s agent, if they are willing to tell me more information, but it’s always worth a try. Normally if there is an offer presentation, the sellers are hoping to get a bidding war.
5. Look at the local housing market. I do a 50-point data analysis and a comparative market analysis that will help decide what is a reasonable price or what the possible price is if there is a bidding war. Also, we will have to see if we need to renovate and that could be a factor.
6. If you are selling your current home while you’re looking for a new one, put your house on the market before you start your new home search.
With taking all of this into account, it’s important to start with a strong offer when you are dealing one-on-one. Not starting too low or too high. Your first offer should leave room to negotiate if necessary.
In a situation where you are in a bidding war with other buyers, you need to be prepared to give your best offer and remove as much subjects are you are comfortable with in order to have a chance at winning. This offer should reflect what you are okay with if you did lose the bidding war.
I know it can be difficult to navigate through this current real estate market, so if you are feeling anxious or worried or just have any questions in starting your home buying process, feel free to contact me at (778) 388-1436 or heather@heatherchua.com.
Keep Smiling!
-Heather Chua
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