Once you’ve selected a home, decide exactly how much you want to offer for it, and develop a negotiating strategy. If you offer too little, you run the risk of losing the property to another buyer; if you offer too much, the home may wind up costing you more than its fair market value. Your Dream Town realtor can help you figure out a reasonable price range by comparing several similar properties in the same neighborhood that have sold within the last six months.
Other factors will affect how much you offer for the property—especially if there are other offers pending on this property, or are likely to be soon. If you find yourself competing for a property, can you make your offer more appealing? For example, if your offer is contingent on selling your current home, how confident are you that you can sell it and close on it before you close on the new one? Can you risk waiving this contingency to make your offer more attractive?
Be aware that once an offer is accepted by the seller, you can no longer negotiate the price downward, nor can you make offers on other homes. Therefore, you must clearly define the purchase price, any concessions you want the seller to make, and all contingencies in your written offer. If the seller accepts your offer, it becomes a legal and binding sales contract. Your Dream Town realtor will write the contract and review all the details with you.
After your realtor has submitted your offer, all you have to do is wait. If your offer is not accepted as is, you may receive a counteroffer from the seller. NOTE: The original contract is null and void once a counteroffer is made. Review it carefully to see what has changed. If the new terms are not acceptable to you, your Dream Town realtor will hammer out a new offer. Negotiations may go back and forth for days before you strike a deal.