The last article that Williams & Associates posted was about the state of the real estate market. If you haven’t read it then I put a link here. Last week we talked about how fast the market is moving, especially in Harrisonburg. No sooner than you see a house, you hear from your Realtor® that there is already a contract on it. So this week’s post is about what mistakes to avoid when you make an offer, that way you don’t miss out on a house you really want.
The first thing to do before you make an offer is to be prepared. If you are not prepared you can miss the opportunity to get the home you really want. So what does it mean to be prepared? When it comes to Real Estate the best way to prepare yourself is to know how much monies you have. Most of us do not have enough money in my bank account to pay cash for a house. So most of us need to talk to a lender. A lender will assist you and figure out how much monies the bank will loan you and let you know how much of a home you are qualified to buy. The lender will share the best loan programs that works for your financial situation. He will also give you a good faith estimate on what your payments will look like each month and how much you need to bring to closing. Now you know what type of loan and what price range of a home to start searching with your Realtor. The lender will also write up a pre-approval letter for when you are ready to make an offer on a home. What you don’t want, is seeing a home that’s perfect for you and your family, but because you didn’t talk to a lender and don’t know if you can afford it and miss out on that house.
Another tip for an offer is to not waste time. We here at Williams & Associates understand that you have to think about this decision, this is the biggest financial decision of your life. But waiting too long can hurt your chances on getting the home you really like. If you think too long, someone else can come in and make an offer then you either in a bidding war or you hear it’s Under Contract.
When you are making an offer on a house you should ask your Realtor® for advice. Selling homes is what they do. They watch the market and know what a good offer would be. You are not going to get your home asking for ten thousand dollars less when there are two other offers on it already. So ask for advice. Williams & Associates has a team of experienced agents that are glad to assist you. I have put a link to the agent page here.