I like being direct and I believe that's the best approach when making an offer on a house. I avoid trying to get inside the sellers head to figure out what they're thinking. The starting bid should be based on two things; how much you can afford and what you think the house is really worth. Make your first offer fair and reasonable so you don’t offend the seller and create barriers to future negotiations. The best transactions are the ones where buyers make a reasonable offer on a fairly priced home.
Find the right balance. Buying a home involves both hemispheres of the brain. Don’t let either side take over. Your home is possibly the largest investment of your life so look to make a wise buying decision but don’t look at it as strictly a financial decision. Don’t lose your dream home over a nominal amount of money. Remember that you’re on a quest for Home Sweet Home and that extra special thing that you love will give you years of added pleasure.
Do yourself a favor. Before you start visiting homes consult with a mortgage broker to get pre-approved instead of just getting a pre-qualification letter. One of seller’s biggest concerns is whether the buyer they choose will make it all the way to the closing table. An offer with a pre-approval will be more appealing to the seller than an offer from a buyer that still has to be approved by the underwriting department. You’ll be the better bet and will look almost as safe as a cash offer.
Consider buying the worst house on the block……YEP! Your home will only appreciate as quickly as the houses in the neighborhood. If you’ve spent $500,000 and the neighbors paid $300,000 your appreciation will be limited. Your home’s value will be dragged down by the less appealing houses in the neighborhood. You’re better off letting their spectacular house elevate the value of yours.
Check out the Seller’s Disclosure before you make your first offer and always get a home inspection. The reason for the home inspection is two-fold. First it will let you know if there are any major structural or safety issues that will affect the decision to purchase or the price. It’s also a way to familiarize yourself with the home’s systems and let you know how long before other routine maintenance will be needed. Unless structural or safety issues are uncovered a home inspection isn’t an opportunity to renegotiate the purchase price.
Walk or drive the neighborhood and take the time to commute to and from work at rush hours. Check out how far the supermarket and other services are so you know you can deal with it on a daily basis. Even if you don’t have kids research the school system because it will affect the value and salability of your house when you decide to sell.
Author:Barbara Reed Phone: 973-934-2276 Dated: March 20th 2015 Views: 851 About Barbara: A "Jersey Girl" at heart, Barbara Reed was raised in North Jersey and returned home after stays in C...
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