You have been househunting and have found the perfect home that you would like to make an offer on. But how do you determine what that initial offer should be?
First, you will hopefully have a Realtor who has been working as your buyer's agent. In addition, by now you should also have a mortgage lender who has preapproved you for a loan. As a result of the preapproval process you will know how much you are able to spend on a home and have decided on a home that you can afford. Remember that you buyer's agent is working for you and that they will hold your financial information in confidentiality.
In addition to how much you can afford, there are other factors that should be taken into consideration before you arrive at an amount to offer. You should look at how long the home has been on the market and how many price reductions there have been within that time. If the home has been on the market for a long time without any price reductions, then perhaps the seller is not in a hurry to sell and will not be very negotiable. Also if the home is vacant, and the sellers have already moved maybe they are now carrying two mortgages.
In addition, you should consider the condition of the home, what the home assessed for, what comparable homes in the same area have sold for recently and what similar homes in the neighborhood are listing for.
Your Realtor will help you determine a price to offer, but it is your decision. Remember the homeowner will probably counter your offer. Consider this as the first step in a dialog that you hope will result in a meeting of the minds.
Contact Pam Dent, e-PRO, SRES, NHD, REALTOR®, Real Estate III, Charlottesville, Virginia at 434 960-0161 , pam@JumpintoGreenerPastures.com, to list your property for sale or to buy a property in the following areas in Central Virginia: Charlottesville, Albemarle County, Keswick, Glenmore, Ivy, Crozet, Earlysville, Free Union, Cismont, Scottsville, Fluvanna County, Troy, Palmyra, Lake Monticello, Louisa County, Louisa, Mineral, Spring Creek, Orange County, Gordonsville, Orange, Barboursville, Greene County, Ruckersville.
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