What should I know about making an offer on a house?

There are a lot of different facets that must be considered when it comes time to buy a home. First, you have to find the home that you wish to purchase and then determine whether you can afford to buy that home, and this is one of the more difficult parts of the entire real estate process. A lot of people find a house they love but are disappointed to learn that they can’t afford it. Then they are back at square one. Though it may take a few tries, the buyers will eventually find a house they love and can afford. Then it becomes time to make an offer.

Making an offer on a home can be overwhelming because you don’t want to be outbid by other offers and you don’t want to bid way too high just to secure their spot. You should be sure to consider more than just the list price when you do make your offer. If your real estate agent tells you there are multiple people also putting in an offer for this home, you should consider at least a full-price offer or maybe even slightly higher than the asking price. However, if there is a low level of competition on the house, you may be able to play it safe by offering just under the asking price to see if you can save some money. It also depends on how much of a hurry the seller is in to get the house off their hands. The seller may either accept the offer, make a counteroffer, or reject your offer to accept someone else’s.

If you have questions about how to submit an offer on a home, contact an experienced real estate attorney today.

If you require experienced legal representation for any of your residential and commercial real estate, bankruptcy, or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.