{"id":49043,"date":"2021-02-25T20:10:59","date_gmt":"2021-02-26T04:10:59","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=49043"},"modified":"2022-04-19T23:12:23","modified_gmt":"2022-04-20T06:12:23","slug":"how-to-make-a-smart-offer-on-a-home","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/how-to-make-a-smart-offer-on-a-home\/","title":{"rendered":"How to make a smart offer on a home"},"content":{"rendered":"

How to increase your chances of success when you make an offer on a home.\u00a0<\/span><\/h4>\n

When you\u2019re <\/span>buying a home<\/span><\/a> and you\u2019ve found the one of your dreams after weeks or months of searching, you want to ensure you make an offer that gets noticed and gets you a great deal. Set yourself up for success with these important steps to <\/span>making an offer<\/span><\/a> and tips for making an offer that will leave both you and the seller happy.\u00a0<\/span><\/p>\n

What does the offer process look like?<\/span><\/h3>\n

The most important person at this phase of the <\/span>homebuying process<\/span><\/a> is your <\/span>real estate agent<\/span><\/a>. They will be able to communicate directly with the seller\u2019s agent, gauge interest in the home, and advise you on an offer that is both competitive and will get you a good deal. Without years of experience in real estate, it\u2019s difficult to be taken seriously at the negotiating table, so this is another place your real estate agent will shine.\u00a0<\/span>
\nStep 1 – Consult with the seller\u2019s agent<\/b>
\nOnce you\u2019ve determined that you\u2019re interested in a home, talk to your <\/span>agent<\/span><\/a> about whether there are offers on the table. While the seller\u2019s agent might not disclose what the actual offers are, they may offer a range that will make the seller happy. Your agent will adjust your strategy based on how much competition there is and the seller\u2019s goals.<\/span>
\n\"How
\nStep 2 – Set your strategy<\/b>
\nOnce your agent has done some reconnaissance on the status of offers, they\u2019ll talk to you about setting your strategy. This is where your agent\u2019s experience is especially critical (seller\u2019s agents will not take you as seriously and might even try to take advantage of you if they know you\u2019re <\/span>working without an agent<\/span><\/a>). Your agent will pull up the prices of <\/span>comparable homes<\/span><\/a> in the area and discuss what your maximum offer should be based on your <\/span>budget<\/span><\/a> and the home value.\u00a0<\/span>
\nIf it\u2019s a home you\u2019re really interested in, you can talk to your agent about including an escalator clause. This sets a limit on your bid, like you would for an online auction. If another offer comes in that beats your current offer, you automatically increase your offer up to your set maximum amount.\u00a0<\/span>
\nStep 3 – Submit your offer<\/b>
\nThe next step is to actually make an offer. This will be a <\/span>formal proposal<\/span><\/a> drawn up by your agent that lays out all conditions of the sale, including contingencies, the amount of your earnest money deposit, and their deadline to respond. Your agent will submit it to the selling party, who will usually give you a quick response.<\/span>
\nStep 4 – Receive a response from the seller<\/b>
\nThere are usually three scenarios that play out once you submit your offer.\u00a0<\/span><\/p>\n