The Reality of Purchase Offers. When a home seller accepts a purchase offer, the seller is hoping the buyer will complete the transaction at the agreed-on price and terms and believes there is nothing wrong with the condition of the home. The homebuyer, on the other hand, is hoping the transaction will close because the home is in perfect condition. It’s rare that either of those expectations is in line with reality. No home is perfect, and many conditions can change once a contract is accepted and signed. Your Illinois Star REALTOR® is the best source of information.

Home inspection.

The Truth About Acquisition Offers. When a seller signs a purchase offer, the seller hopes the bidder will finalize the deal at the agreed-upon price and terms and thinks the home is in perfect shape. The purchaser, on the other hand, expects the deal to go through because the house is in excellent condition. It’s uncommon for either of those anticipations to reflect reality. There is no such thing as a perfect home, and many characteristics can change after an agreement is approved and signed. Your Illinois Star REALTOR® is the best source of information.

The Benefits of Making a Quick Purchase Offer. The apparent purpose of making a purchase offer immediately after finding a place you like is to prevent someone else from purchasing it. When the seller accepts an offer from you, he won’t be able to accept another offer while yours is pending. Moreover, if your offer is the first and only offer, you’ll be in a better position to negotiate price and terms. If there are competing offers, your bargaining strength is weakened. It’s a good idea to learn from the missteps of others. The bottom line is that if you’re buying a home in a seller’s market, hesitation could cost you the home you love.

Buying a house.

Examine the market’s activity. Is the market hot, cold, or indifferent? You will have less competition for the house if you make an offer in a buyer’s market. If fewer bidders exist, sellers are more willing to accept any reasonable offer. If you’re looking to buy in a seller’s market, sellers generally reject any offer that is less than the listed price. Sellers may receive many bids, so your offer should be as appealing as possible in order to be accepted.

Consider comparable sales. You should also look at comparable properties that have recently sold in the neighborhood. When looking at comparable sales, utilize only houses that are substantially similar to the property you wish to buy in terms of lot size, square footage, style, age, and location. Use data from the most recently closed sales within the past six months. REALTORS® at the Illinois Star are valuable sources of information. Third-party websites may or may not be as good a resource. Your Illinois Star REALTORS® can assist you in gaining an understanding of the local market.

Why use a buyer’s broker.

Examine the list price-to-sales ratios. The list price to sales price ratio represents the link between how much sellers list their property for and how much they sell it for. Get a trend report covering the last six months of sales in the area from your agent. Compare the prices of the homes as they were listed to the prices that have sold. Are properties selling for more or less than the asking price? If less than the list price, by what percentage? If numerous properties are selling at 1.5% below list price, for example, that difference may suggest the amount the seller is willing to accept a lower offer.

Examine the square-foot cost averages. Smaller homes are more expensive per square foot, whereas larger homes are less expensive per square foot. You can’t figure out an acceptable offer price by multiplying the average square-foot cost by the square footage of the property you wish to buy. You should look at trends to see if square-foot cost averages are rising or falling and utilize that information to your advantage.

Inquire about the home’s history and the number of days on the market. Agents will occasionally remove properties from the market and resubmit them as fresh listings. Determine whether the house was an expired listing that was then relisted. The marketing time is important because if a home has been on the market for more than 30 days, the sellers may be more willing to negotiate. Remember, time is money. Lastly, try not to grow emotionally attached to the home before your offer is approved. Prepare for a counteroffer and keep a few additional properties in mind in case your offer is rejected. With the assistance of your real estate agent, you will make a compelling offer that will entice sellers.

Should I Rent or should I buy.

The Truth About Written Offers. When a home seller accepts an offer, the seller hopes the buyer will complete the deal at the agreed-upon price. The purchaser, on the other hand, is optimistic that the sale will go through because the house is in excellent shape. It’s unusual that either of those predictions match reality. There is no such thing as a perfect home, and numerous things might change once a contract is accepted. Here are some potential reasons:

– Buyers frequently submit post-inspection repair requests, which sellers might decline.

– Appraisals that are less than the agreed price might jeopardize the sale.

– Lenders might deny mortgage applications for a variety of reasons.

– Contracts may be canceled by attorneys on legal grounds.

– Homeowner associations may object to the transaction.

Houses with certain characteristics sell quickly. In a seller’s market, nearly every home sells within a month. The timeframe on the market will always be longer in a buyer’s market. There are many factors that impact whether a property will sell quickly. Here are a couple of examples:

– Houses in outstanding condition in rising neighborhoods and available for purchase at a
reasonable price.

– Fixer-uppers in desirable areas for a price that is below that of comparable sales.

If the house you wish to buy falls into any of these categories, you should make an offer as soon as possible before anyone else does.