You’ve Found “The Home.” Now What?


The long, tiring search is over and you’ve kissed a lot of frogs. You've finally found your dream home and want to make an offer on the property. How do you know how much to offer and if you’re getting the most value for your money in this Brandon MB market?


The offer phase of purchasing a home isn’t always straightforward and you need to at least know the market on homes in that area so you can determine if you’ll be getting the fair market value for that home. Ask your real estate agent to go through neighborhood  comparable actives and solds with you.  This report should be helpful with the offer process.


Lowballing is a common term in the world of real estate. It means that you’re offering to buy the house for a number that’s far below the market value. You run the risk of insulting the seller and losing the home for good.


But, if you don’t know the fair market value of the home you could overpay by thousands of dollars. To zero in on the market value of the home you’ve chosen, you should know if you’re in a seller’s or buyer’s market.


A buyer’s market means that there are plenty of homes for sale, but a shortage of buyers. This gives you more power to bid lower than the asking price and to even ask the seller to pay for some or all of the closing costs. In a buyer’s market, you’ll find the seller more willing to negotiate.


If you’re in a seller’s market, there is a shortage of homes for sale and you’re likely to have several potential buyers making offers at the same time. A seller’s market is a little tougher to negotiate in because you may need to compete with other buyers.


It’s sometimes devastating to a potential home buyer when their good-faith offer is rejected – especially without a counter offer. This could happen when the seller receives many offers and your offer was much less than the others. Or, the seller may back off of your offer to see if he can eventually get a better one.


All may not be lost, even if your offer has been rejected by the seller. The seller may not have accepted any offer on the home and you may still have time to negotiate by moving rapidly with a higher offer. This may result in a bidding war that your real estate agent will need to help you with.


A buyer’s agent is extremely helpful if you’re a first-time home buyer. He or she will be familiar with the local market and be able to negotiate the best deal on your behalf. You’ll learn a lot during this process, which may be helpful to you when you decide to sell.


If you’re working in a seller’s market and there’s a real shortage of homes in the area, you may still be able to get your dream home. Find a home you really love in an area you’re interested in and write a letter to the homeowner.


It’s a true leap of faith to try this method, but it’s worked for thousands of buyers and it just might work for you. Even if you receive a “not interested” reply, at least you’ll know you tried.


Never rush to make an offer in any market until you’re sure the home is right for you. Unless you do the proper research on the home, you may be rushing in to a situation that you’ll later regret.


Whether you live in Brandon MB, Virden MB or you're searching for acreages in these surrounding areas, the search can be strenuous and time consuming.  You can call on me to be your trusted go to REALTOR®, with insight on all new listings and recent home sales, within our local real estate market.

Increasing Your Chances at Securing a House Offer

Finding the right house is truly a difficult task—and doing so might take you weeks, or even months, just to get a lead. Every house hunt begins with you looking for a home that is most suitable for your needs, while everything else, such as your additional amenities and nearby conveniences, come in later on. However, when buying a house, you should make sure that you are satisfied with the house that you have chosen from the onset to not end up with a bad investment.

You must make all the right decisions, from the lead up to making the offer, to get your best chance of getting your dream home. Here below are a few tips on how you can increase the chances of securing a home:

Making The Right Offer

Finding the right home might be difficult—but you shouldn’t be too discouraged since the next step is going to be fairly easy. Making the offer after a home appraisal is probably the easiest step in acquiring a home since all you have to do is make contact with a real estate agent!

The real estate agent is the one responsible to create the connection between you and the seller, although you have to make sure that you communicate to your own agent that you can guarantee the purchase. A seller will be more inclined to secure the spot for you if you can communicate with them that you are sure of your decision and you know the home’s value.

Get Advanced Approval

To help make the transaction faster for you, your agent, and the seller, you should understand that selling a home can also be rough. This is why it’s a good move if you can get your finance approved in advance—which is important so that you know what budget you will be working with!

Advanced approval will also help ensure that there won’t be any further delays for the payment, which is a high probability for those who don’t prepare the payment in advance.

Making The Best Out Of Your Offer

A great way for you to help secure the spot is by setting up deadlines for the seller. This will ensure that both you and the seller are acting quickly and promptly for the sale to happen. Making these quick offers help you secure the spot since you are negating wasting extra time that could give other people time to make other offers to the same seller that could bump you out of the running.

If another person were to make a better offer than you, then the seller is most likely going to sell the home to the other person instead of you—which isn’t surprising. You should also bear in mind that giving the seller your highest offer will also make the transaction go faster since it’s rare for other people to bid higher than you if you already set the bar up high!

Conclusion

Now that you’ve quickly gone through this guide, you should now be able to get a better grasp of how you can secure the house that you have been eyeing for quite some time now. It’s important to remember that the speed of securing a house isn’t solely on the seller—it’s up to you and your agent’s capabilities to speed along the process too.

Chris Low is a real estate agent that buys and sells residential, commercial, and farm real estate across Brandon, Virden, and Manitoba. If you need help with buying a house, selling your properties, or anything related to real estate, schedule an appointment with one of the biggest industry experts in the area today!

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