Making an Offer on a House Tips-Part 1

Making an Offer on a House Tips-Part 1

couple making offer on a house tips

Making an offer on a house tips (Part 1 of 4)

couple making offer on a house tips

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When it comes to looking at houses to buy, what have you been doing? Going through the open houses, having private viewings, and enjoying drive-bys? It’s only natural. After all, the more houses you see, the better the chance you have that you will find your home sweet home. But wait – not so fast! Finding the house is one thing. You then need to get the seller to approve of your particular offer. So what do you do to make sure this happens? Here are some making an offer on a house tips to move things along quickly.

Get pre-approved.

Definitely get pre-approved before you make your offer. Why? Your pre-approval is a written assessment that a mortgage lender may give you a loan. And that loan sure would help when you want to buy a home of your own. Your pre-approval tells the seller that you are a serious prospect. It also could help you get a better deal over other buyers who have not been pre-approved.

What are the roles of the real estate agent and mortgage lender?

There are two people who are vital players in the home buying process: your real estate agent and your mortgage lender.

When you are buying a home, your agent will show you homes that meet many of your wants, needs, and budget. But they do a lot more than that. For example, they can:

  • Negotiate the offer and counter-offer processes
  • Help arrange the home inspection and appraisal
  • Offer suggestions for reputable contractors and movers
  • Verify that necessary repairs have been completed
  • Complete necessary documentation on your behalf
  • Explain the process and documentation throughout the transaction

So while you don’t legally need a real estate agent to help you buy a home, you’d be missing out on a lot of experience and know-how.

Your mortgage lender is also part of making an offer on a house tips. They lend you money so that you can buy your property. But before they do that, your mortgage lender will verify that you can repay your loan. After all, it’s a lot of money! They will check your finances, income, employment, and credit report. These aspects help tell a story about your ability to repay your mortgage. Once you meet the requirements, welcome to Home Ownership!

Should you ask a real estate attorney to review your offer? Is this a common request?

Making an offer on a house tips may address whether you should have a real estate attorney.

Chances are, your real estate agent will know, or can find out, the answers to your questions. Every state, and sometimes regions within a state, may have their own requirements. But here are some common situations where a real estate lawyer can help:

  • When you are buying a foreclosure, short sale, or estate sale property
  • When you are from out of town
  • If you want to buy a home that is in an issue-prone area, such as a flood zone
  • If you are purchasing a commercial property

However, if your purchase is a simple and straightforward residential property transaction, then your agent should suffice.

How long does it take to make an offer?

That depends. It depends on how long it takes for you to find a home you want to buy, if you are in a multiple offer situation, or if your situation has counter offers.

Here’s a stat for you: on average, a property is on the market for 65 days. Of course, there are a lot of variables that can change this number.

Here’s another stat: it takes, on average, 50 days between applying for financing and closing on your home.

But how long to create the actual hard copy offer? That itself doesn’t take long – your real estate agent can put that together in as little as a few hours. Your offer will state the price, closing date, and acceptance date. Your agent can help you with other aspects of the offer, such as whether you want items in the house, also called chattel. Then you provide your signature, and hope for the best!

Get that Mortgage!

After you have made that offer and it has been approved, you then need to get a mortgage. Enter Shamrock Financial! We can assist you in getting that mortgage easy-peasy. Give us a call and transform your accepted offer into an actual home.

 

Other posts in this series:

what is reasonable to offer below asking priceWhat is reasonable to offer below asking price? - Part 2Part 2 of the Series   /  real estate counter offer etiquetteCounter Offer Etiquette – Part 3Part 3 of the Series

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