Four Things to Consider When Making an Offer in Today's Market

In this amazing buyers market, there are a few things to consider when making an offer.

1. Ask your agent to really check the recently sold comps. You can get away with making a low offer but remember to not go too low, as you might insult the seller. It’s a business transaction but we are still talking about someones home. They can easily get insulted by a low offer.

2. Make sure you have loopholes! That’s right, contingencies will ensure that you are protected in-case something comes up in the inspection, insurance, mortgage or appraisal. Have your agent install well worded contingencies into your offer that will allow you to get out of the contract WITH your earnest money. Have the wording of these contingencies check by your agents company attorney or your own closing attorney.

3. There will most likely be somewhat of a second negotiation after your inspection. Remember, it’s unreasonable to ask for cosmetic or update-related repairs. But you are typically entitled to ask for the seller to make repairs to structural, electric, plumbing, roofing, environmental, and other potentially expensive systems. After your repair request the seller may choose to renegotiate the price or select certain repairs to undertake.

4. Get recommendations and then do your own research on vendors. Ask your agent for recommendations on Closing Attorneys, Mortgage Brokers, Inspectors and Insurance Agents but then do some of your own investigation. This is a major purchase and having faith in your selected vendors will help you sleep better at night.