How to Make An Offer On A Home and Make It Stick
You’ve searched for months, maybe longer. You’ve researched communities, visited open houses, gone through hundreds of photos, and crunched countless numbers.
Now you’ve found it. You have found your dream home. Maybe it’s one of the many luxury waterfront properties in Monmouth County, or maybe it’s some wide open farmland in western New Jersey.
Whichever it is, you’re ready to make an offer.
How does the process work? This is a simplified version of how offers are made:
- Decide you want the home and decide on a price
- Complete an offer sheet, which will be presented to the owner’s representative
- The owner will accept the offer, reject it, or offer a counter offer
- If accepted, the buying process begins. If you are met with a counter-offer, you reply with a counter-offer of your own
Making an offer is no guarantee, though. You’re going to be in competition with other potential buyers, and there are a host of other issues to consider before you put your signature on the bottom line.
First time home buyers should keep these tips in mind:
- Remember, everything is negotiable. Everything.
- Know what comparable properties are selling for. If the waterfront homes in NJ you’re looking at are dramatically different in price, find out why.
- Sellers tend to focus on price, so when negotiating, look to things OTHER than price when trying to swing things more in your favor.
- Don’t forget a thorough inspection before you actually make the purchase.
Whether you are a first time buyer or have been down this road before, when it comes time to make an offer you’ll want to grab the attention of the seller. This is especially true when looking at Marlboro single family homes, residential property in Freehold, and other Monmouth County residential real estate. How to accomplish that? Try these tips:
- Let the seller know you want to live there. Homeowners are sentimental and would rather their home go to another family than to an investor.
- Offer to do an immediate inspection rather than the customary 15 days. Being willing to move fast is enticing to sellers.
- Be willing to waive offer contingencies, provided you understand the risks. (If you are low on cash, DON’T take this approach.)
- Include an escalation clause in your offer. This means you promise to escalate your offer up to a certain amount in order to beat another offer. Don’t worry, the seller will have to prove the other offer is legitimate.
- Get preapproved. Having a preapproval in hand can make a huge difference.
Buying a home can for some be a long, arduous process, but it’s a process with great rewards at the end of the road. After all, there are few things more thrilling than ending up in your dream home.
In order to ensure this process goes smoothly and works out in your favor, we recommend working with a Monmouth County real estate professional whenever possible. Their expertise and knowledge of the market will go a long way towards ensuring you get the most for your money.
Good luck in your search!