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Home Buying Advice: Seal The Deal With Your Purchase Offer

When you have found the perfect house, you don't want to lose it by not making a proper purchase offer.

Giving an offer that is too low provides the seller with the option to refuse it and for other potential buyers to outbid you. This scenario doesn't have to be your story when you are buying a house; there are ways to make an offer that the seller can't refuse.

Know The Seller's Motivation

When you are ready to make a purchase offer, know what is motivating the seller. Look at the deal through the seller's eyes to know how to make an offer they can't refuse. A seller typically has three main issues when they set out to sell their home. Money is the first issue, as they may be relying on this sale to purchase their own new home. If they are ready to move, time is another motivating factor, yet there is going to be an emotional tie to the property as a third factor.

If you are working with an agent while buying a house, contact them to see if they are able to find out why the seller has decided to move. If getting the highest amount possible is their motivation, you may have to submit an offer close to the asking price for them to consider it. To know what an appropriate bid would be, work with your agent to compare recently sold homes in the area.

If the seller is motivated by terms and wants the deal to go through as quickly and painlessly as possible, you may want to give up some of the options that allow you to get out of the deal. Contingencies slow down the selling process, and giving up some of these time-consuming processes may sway the seller in your direction.

If the sale is causing a lot of emotional upset with the seller and they are just having a hard time letting go and not accepting any offers, you have to prove you are not just anybody. Check with the realtor to see if writing a letter of intent to the seller expressing your love of the property and the bright future you hope to have there may sway the seller in your favor.

The Timing Of The Offer

The faster you can submit an offer, the better your chances of a purchase are for you. If your bid is the first one received by the seller, it becomes the leverage offer and will be used against others received. If your offer isn't acted upon right away, don't panic. Sellers have a deadline for accepting bids before they can consider others. Make the offer in a reasonable time, and don't sit back waiting while others may be getting consideration.

Make A Realistic Offer

Buying a house isn't the time to become over-confident and submit an offer that is lower than acceptable just to see how the seller will react. This act may just have the seller refusing to work with you on any offer. On the other hand, do not submit an offer you cannot financially follow through. Before making an offer, know it is the perfect house for you, know how much you can afford to pay, and how far you are able to go in obtaining this for your home.

Buying a home doesn't have to be a scary process. Talk to your local real estate agent to guide you through your first home purchase.

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