Working with a local real estate expert who can provide you data on recent 'solds' will help you get closer to that "right" number and make an informed decision. In this article, I wanted to address some more common myths related to making an offer head on to help you prepare for this stage of the purchasing process.
Although there are occasions where generalities may help you in the development of an offer, you have to keep in mind that property sales are somewhat like snow flakes where no two are the same... the homes are different, the sellers are different and the buyers are different. For that reason, you have to be careful not to get to fixated on myths such as;
It goes without saying that before you start constructing offers, you need to make sure you have been pre-approved by a lender or if paying cash can provide proof of funds. In a sophisticated real estate market like Naples, sellers want to make sure you can back up your offer. Pre-qualification letters just aren't as valuable these days. Many sellers wouldn’t even entertain your offer if you do not have a pre-approval letter along with the offer.
The buyers will be evaluating your offer (potentially along with others) to determine if it is a fair and acceptable offer evaluating the offer price, closing details, deposit amount and risk in the form of contingencies and other factors. This also holds through on the inspection asks as well. Just because you get a house under contract, doesn't mean it stays there! Asking for unreasonable concessions can kill a deal.
Engage your Realtor to pull comps to see what the similar homes are selling for to determine a fair market value of the home you wish to make an offer on. They may also be able to learn a little bit more from the listing agent about what some important considerations are from the seller (e.g. closing timing, etc). The key is to find the intersection between where what you are willing to pay aligns with what the seller is willing to accept. And if they don't align, you have to be comfortable walking away for the deal or adjusting your expectations.
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