When you choose HomeSmart Connect to be your dedicated representative, we show you properties based on your initial list of desirable features. Once you find the home you want, we initiate the process of making an offer on the property.
There are a number of factors that can affect your decision on what amount to offer on the property. Market conditions are always a factor. For instance, if it is a “Buyer’s” market, you will likely have some negotiating room for the property. In a “Seller’s” market, you may want to place your best offer up front in order to be the one chosen by the Seller.
Also to be considered are the values of the properties around the one you want. These figures are typically called the “comps” or “comparables”. At HomeSmart Connect, we prepare a report of all of the properties that have closed recently, or are currently for sale in the vicinity of the property you are submitting an offer on. These comps are analyzed and a realistic value for the property is established.
There are other terms to be considered when placing an offer that may affect whether or not the seller is willing to accept the offer, or whether you are willing to accept the seller’s terms. Some of the factors to consider are if a pre or post possession of the property has been requested, if a Home Warranty will be included, and as stated previously, what market conditions currently are.
You will also want to establish the close of escrow date, or date you will actually become the owner, before submitting an offer. If you are obtaining a loan, a lender will generally need about 30 days to complete your loan, order and evaluate the appraisal, and furnish the closing documents. If you have been pre-approved, this time frame may shorten.
Of course, you will want to give yourself ample time to conduct any inspections on the property prior to your chose closing date.
There will be an appraisal on the property after escrow opens, and often what you are willing to pay for a property and what an appraiser determines as its value are two different numbers!
An offer to purchase property is a legally binding document. At HomeSmart Connect, we ensure you enter into an agreement with as much information as possible. You should always feel free to consult an attorney or tax advisor to obtain further information you deem necessary.
Our commitment to providing you with superior customer service can be demonstrated by the ongoing communication and market knowledge standards we consistently maintain so you can be a most informed buyer. We want you to be well-prepared, but also enjoy this exciting experience.
Anything we can do to help? Just ask!