How much should I offer?
It can be a bit confusing to know what to offer a seller for their home. One place to start is by having your Realtor pull the comparables in the general area you are looking at. By seeing what other houses are listed at and have recently sold for you can get a sense of what a fair offer may be.
If the home has amenities that you really like but are not widely available in other homes in the area, you may want to consider offering a bit more than the comparables. Similarly, if you need to purchase and move in a short time frame offering the seller what they are asking for, assuming the value is there, is a good idea as you likely don’t have the luxury of time to deal with lots of counter offers and dealing with the potential of losing the house altogether.
Offers that come with contingencies are often less desirable to sellers than those offers that are immediate and straightforward. If you have a contingency, like having to sell your home first, it may be prudent to offer a little more than the asking price as a goodwill gesture. This may entice the seller to consider taking the risk associated with your offer since they would now have the worry of two houses selling, yours and theirs.
Giving a lowball offer is ok if you have the time and energy to deal with all the back and forth that comes with it or if you’re ok with a blatant no from the seller. Also consider that you may get into a multiple offer situation which can be stressful. Finally, if you present too low an offer be prepared to lose the property altogether to a higher bidder. If you are good with these possible scenarios…go for it…try to get a deal.
Making an offer on a property takes a lot of time for everyone involved. Don’t make an offer on a property unless you’re serious about it and willing, ready and able to commit to the purchase of the property.
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