You found your dream home and are ready to make an offer – now what!?
DON'T OVER THINK IT! If you love the house and have been looking for a while, make the offer, don't wait. Here is why: Would you be mad at yourself if you missed this opportunity to purchase this home? If the answer is Yes, then make the offer. I was helping a couple try and purchase a condo for a couple months, they finally found one they liked in their price range and they wanted to sleep on making an offer over night. Again this is after months of looking for something. The next morning we went to make an offer and someone else had already made a full price cash offer, that same morning! The sellers had accepted the cash offer. That was about 2 months ago, they have still not found something in their price range that will accept their loan program.
The real estate market is a tricky thing, sometimes there are lots of options to chose from and sometimes there are not. We also cannot predict the future, we don't know if another party will come in and make an offer today or tomorrow on the same home regardless of how long the home has been sitting on the market.
You have a couple days after making the offer to essentially change your mind (obviously don't go around making offers for fun, you are playing with peoples financial lives, professions and emotions here). But if you would be mad at yourself for missing the opportunity, lock it up, make the offer and be one step closer to owning the home you love.
CALCULATE what your mortgage will be for the home. Have your real estate professional to do this, to make sure the mortgage will be within the budget you have set. Online, click here for a quick mortgage calculator.
COMPARE similar homes in the area to the home you love, make sure you feel comfortable with your offer price, your real estate professional will help supply comparison properties.
TRUST your real estate professional and yourself. It's important to work with someone you trust so you know they truly have your best interest at heart. Also trust yourself, If you feel that you have found the right place for yourself and your family (or potential family) act on it. If you feel it is not the right house for you, wait.
GET EXCITED! This is a big step! You are ready to move into home ownership, no more renting and paying someone else's mortgage, making someone else's dreams come true. Feed your own. Make your own dreams come true. Invest in your financial future!
If you have any questions on making an offer or feel you are ready to start your home search for your first home or any home. Please contact me, I am happy to help point you in the right direction!