The next step in the process involves submitting an offer to the sellers.
Deciding on an offer to submit to the sellers should involve a great deal of thought, research and, of course, your budgetary constraints.
1. The first factor you should consider before submitting an offer on the Jacksonville Beach home is the market value of the home.
Your real estate agent will likely provide you with a comparative market analysis on the property. This will detail comparable homes in the neighborhood that have been sold, have been listed or are currently under contract.
A comparative market analysis is often a smart tool not only to be used when deciding upon your offer price, but also during negotiations.
2. Get a good idea of the condition of the home and the repairs needed. Factor this into your offer. For example, if the roof needs repaired, you’ll need to ask the sellers to either replace the roof or provide you with a repair credit so that you can repair the roof yourself.
3. Ask your real estate agent for more information on the sellers. Are they anxious to sell? Have they put an offer in on another house? How long has the home been on the market? All of these questions can help you determine what you can realistically offer the sellers for their Jacksonville Beach property.
4. Review the seller’s financing terms when considering your offer price. For example, if the seller is offering to pay for a home warranty, a home inspection or a portion of the closing costs, you may want to submit a more attractive offer.
5. Decide upon the amount of “earnest” money or “good faith” money you are willing to put down on the home. This hand money often shows the seller that you are serious about purchasing the home. Keep in mind, however, that the seller may forfeit the entire amount should you back out of the deal. The money is returned to you if the offer is rejected by the seller.
6. Your final offer to the seller may include a purchase offer, a down payment amount, the financing terms (including any seller incentives or credits) and your preapproval letter from the financing company. Posted by Carey Frankel on
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