You’ve secured your Atlanta mortgage, you’ve been working with a real estate agent, and you’ve found your dream home. Now, you just need to put in an offer. Your home is one of the most expensive things you will probably ever purchase, and the offer process requires some finesse. As you prepare your offer, keep the following tips in mind.
Do Your Research
Whether you’re buying or selling, the more knowledge you have, the more power you have in the deal making process. If possible, find out how much the seller paid for the home and how much they owe on it. You may even want to “pry” for a few personal details. For instance, if the seller raised their whole family in that home, they may be more likely to sell to someone who’s going to also raise a family there. Leveraging personal details like that can be useful.
Consult With Your Atlanta Mortgage Broker or Real Estate Agent
Of course, you don’t necessarily have to do the research on your own. That’s why you have an Atlanta mortgage broker and a real estate agent. They know the area, they understand the market, and they’re skilled at putting in offers. Talk with them about what you should offer and get their perspective.
Know the Market
It’s critical to understand the market. When a market is hot, people can get several full price offers in a matter of minutes after putting their home on the market. In that case, you also need to make an attractive offer. To be competitive, you may even need to go above their selling price. On the flip side, when the market is cold or stagnant, you have some room and time to negotiate.
You may want to find out the average price per square foot, and base your offer on that. You may want to add up potential repairs and subtract that from the asking price. Before putting in an offer, find out as much as you can about the home, the neighborhood, and the local real estate market. That knowledge can be essential as you try to come to an arrangement.
Again, this is why it’s critical to have a knowledgeable Atlanta mortgage broker and a real estate agent. In a seller’s market, their knowledge can help you put in an offer quickly that works for both parties.
Sweeten the Deal
If possible, try to find ways to make your offer rise above others. By sweetening the deal, you may move into first place. For instance, some people are more willing to sell quickly if you have a cash offer on the table. Others may be more likely to take your offer if you agree to do some of the repairs.
Remember Your Budget
As you make offers, remember the Atlanta mortgage that you have secured. You can’t spend more than you have been approved for, and if you overspend, you may get stuck with an Atlanta mortgage payment that you can’t afford. Don’t get caught up in the heat of the moment and end up with buyer’s remorse.
At BrightPath, we can help you with the most important step to getting into your dream home. We offer a wide range of Atlanta mortgage loans. To learn more, contact us today, or start an application online.