So, with the help of one of our outstanding agents at Raleigh Cary Realty, you have found the house of your dreams. Now, you are ready to make an offer. Don’t worry, we will be right here beside you to help guide you through the process and facilitate the delivery of that offer. But, before you do, we wanted to give you a few tips to prepare and make a good offer on a home.
- Know your budget limits. If you are planning on taking out a mortgage, it is vital to know your budget and what type of monthly payment you can afford. Let your agent know your budget ahead of time to make sure you’re only looking at homes you can afford.
- Get Pre-Approved. Again, if you will be financing your purchase, getting Pre-Approved is something you have to do and send with offer to show sellers know you are qualified to buy. It is also very important for you to know money needed for Closing Cost & Downpayment.
- Find an Agent you Trust. We know the area and the fair market values of houses in every neighborhood. Our agents are trained and experienced on knowing what a fair price for any property is based on factors such as location, age, needed maintenance, etc., so trust us to help you determine a fair price to offer.
- Decide how much Due Diligence Deposit & Earnest Money to offer. NC is different than many states and seller’s receive a Due Diligence Deposit from buyers for the buyer to do the their Due Diligence in Inspections, Appraisal & finalize loan. The Due Diligence amount has become very influential in the offer a Seller will take and can mean more to Sellers than amount of offer if it is very high and close to other offers.
- Know you may pay above Appraisal. In this market homes continue to sell for more while appraisals concentrate on sales the past 6 months. For that reason many buyers are having to pay more than appraisal value to get a home. If so you need to make an offer know what a home might appraise for and the difference of your offer so you are prepared to have more money down and not lose your Due Diligence Deposit.
The most important tip we want to stress is to never buy with your emotions. Buyers can often fall in love with certain features or panic on missing out on a home that they forget the five tips we listed above—especially the budget. It is more important to find the home that is right for you, and if the deal isn’t right, we will find you one that is.
To meet with one of our agents and find your next home, contact us at Raleigh Cary Realty. We are the hometown agency you can trust.