A buyer of a house must follow a few basic rules when making an offer on a home.
When purchasing a home, most people make a few mistakes that cost them money. One huge mistake many commit is they do not make a solid offer on the house. To save money, one should follow these four tips when making an offer on the house.
Price: with the Internet, a buyer should not have a problem in determining a fair price for the property. To get started, one should search around for comparable sales. Of course, when working with an agent, one will probably already have an idea on the value of the home. Either way, when a potential buyer knows the rough value of the home, they can approach the buying process with ease.
Terms: now, many only think of the price when they make an offer. This is a serious mistake as one should also negotiate on the terms of the sale. For example, a buyer can offer to clean the house or contribute to the closing costs. Other times, a buyer should ask the seller to put in new carpeting or make a small upgrade. Remember, when negotiating, one should look at other aspects of the transaction as these can add up quickly.
Inspection: often, a buyer will hire an inspector to look at the structure and foundation of the building. While the lender usually requires this, one must take more steps. Ideally, a buyer should perform a thorough inspection on his or her own. To get started, one should go to every room and note any severe damage or problems with the building. Then, a buyer must check out the appliances and any other pertinent things in the house. Remember, a professional inspector will look at the big things; it is up to the buyer to look at the house a little more deeply.
Do not take it personally: when negotiating anything, one should realize that it is a business deal. For this reason, when working with the seller or his or her agent, one should not take anything personally. Instead, a buyer should approach it as a business transaction. When approaching this as a financial decision, one will not run into problems and will likely get a good deal on the property.
Related: 2013 Real Estate Trends
