Making The Right Home Offer

When you're making an offer to purchase a property in Escondido Real estate

, the buyer is normally the one who decides how much to offer as your agent will be most likely hesitant to give you a price. However, you may still use his/her expertise to determine the right price to offer the seller.

a.Market understanding

First, you must determine the marketplace as you're offer may depend on this information. If you're making an offer in a seller's market in which sellers may get a lot of offers so they may not take your offer into consideration if it's lower than the price listed. For this reason, you should make an attractive offer to win the competition. If, on the other hand, you're purchasing in a buyer's market wherein there are fewer buyers, you'll have less competition for the property. Because of this, sellers are likely to be interested to any offers.

b.Sellers reasons

It would be a lot of help for you if you know the reason of the seller why he/she is selling the house, but it might be impossible to find that out as listing agents normally refuse to share such information. What you should do is to gather vital information that will aid in your decision on the best price to offer when buying a home.

c.Sellers loan balance

You should figure out the seller's mortgage balance as this may affect his actions regarding the selling of the property. For instance, if the mortgage balance is very high and the house is vacant, then you may presume that he is paying the mortgage using his own money and is possibly paying on two houses. If the seller has a very low balance, he may not be willing to sell right away and can afford it to wait longer to obtain a list price. In addition, unless the seller is willing to take part in a short sale and he is in default, it is unlikely that he would take an offer that is less than the mortgage and closing costs.

d.Asking about the previous/original price

It is also advisable to know how much the seller paid for the home even though it doesn't have much influence on today's market. If, however, the seller bought the property in a depressed market some years ago and there's only a little appreciation, then the asking price have to be close to the purchase price of the seller. There's a possibility that you'll not be able to find out the home's condition when it was purchased by the seller or whether it is extenuating, you may increase the price you're offering because of remodeling improvements and appreciation.

by: Nadine Muench

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