1 year ago
Last edited at 3:59PM on 2/24/2012
It's true; there is no "proper" way of making an offer. Although, depending on the state that you are in, there may be more "common" or "accepted" ways to do so. In some states, it can be customary to use attorneys to help you through the buying process. In California, you will find many real estate agents/Realtors using a pre-printed/boiler plate type of purchase agreement. Buyers should really consider having their own agent represent them. It may seem easier to go with the Listing agent, but a Buyer’s agent will look out for their client’s interest.
Now, if you're asking about what price to offer, when to offer it, etc., having a Buyer's Agent is to your benefit. A Buyer’s agent should pull up "comps" (comparable sales) to help you determine a price. Contrary to popular belief, it is not the agent's job to tell you what to offer. He/she "works" for you...he/she is YOUR agent (but gets paid by the Seller). Don't forget, it isn't only about numbers. A buyer’s agent can help you determine the factors that should be considered in your offering price. I hope my answer has been helpful (and, yes, I am a Realtor...).
Once you find a home that pleases you and you can afford it, make a decision on when you want to settle on it. Put conditions you want on the property like adding something, decide how much deposit you are prepared to pay
MA; do yourself a favor and have a reputable RE agent run comparable (similar sq ft., # of BR's, baths, amenities, etc.) sales of homes in the neighborhood to establish market values. That will give you the best idea as to a $ range that you should offer.
1 year ago
Last edited at 11:01AM on 2/24/2012
If the property is listed with a realtor, make the offer through that person. If it's for sale by owner, they may accept a price that's 10-15% lower than the asking price, but make your offer in writing. If you offer less than that, they won't take you seriously.
Glennbo29 has the right idea. PLEASE, for your sake, use a reputable Realtor (someone who is a member of your local association/board of Realtors) to represent you during the real estate transaction. For most people, buying a home is one of their biggest financial commitments, and it is nothing to approach in a casual manner. Your first step is to work with a loan officer/mortgage broker to find out how much home you can afford. Especially in the current market, sellers want to make sure they are dealing with a viable buyer. Your loan officer will give you a pre-approval letter to put with your offer. A Realtor has access to information that will be critical in ascertaining what a fair offer is, he or she will then draw up the proper paperwork for your state, help you negotiate with the seller, and guide you through the process to a successful result. As you might have suspected by now, I am a licensed Realtor in the state of Texas. Every state has its own rules, regulations, and process. Have a professional represent you. You will be glad you did!
1 year ago
Last edited at 5:59PM on 2/24/2012
the deal you make in real estate is limited to your imagination, you can just about make any agreement the both of you agree to. you can call the local board of realtors to get a copy of a contract, lawyer is generally a waste of money, talking to realtors and a title company can help educate you on filling out the details, you generally want the contract contingent on you getting financing and a inspection report in 10 - 15 days. You can get a home inspector to check out the house for you, as far as value, a good sit down with the local property appraiser would be a good idea, but be sure to ask about unqualified sales, (this will show you all the houses selling for cheaper prices)
Be glad to give you plenty more details, if interested, right now. I would be making low offers, we have been buying houses cheap. I am a broker, and what real estate brokers do is not rocket science. i can educate you in just a little bit, depending on what state you are in