The time has finally come and you are ready to make an offer on the home of your dreams. Maybe you have been looking for only a few weeks or a few years. Either way this is a major decision for you. If you are a first-time Broward County homebuyer, review these tips before making your offer.
Understand the Home
You are confident that this is the right Broward home for you, now it is time to do some research on the home. Find out how long the home has been on the market and how determined the sellers are. Make sure you have your agent try and find out if there are any other offers on the table. Also knowing when they will look at the offers can be helpful.
Get the Comps
You need to know what Broward homes in the area are selling for because this will help you determine your offer. Ask your agent to help you review the comps in the area for the last six months. The most up-to-date comp is one that is pending and should be considered first. This is because this shows that this is the most current market price for a home similar in your area.
Make Sure you Communicate with Your Lender
Throughout the searching process you should be communicating with your lender periodically to ensure that they are up-to-date with your status. Right before you make an offer you will need to make sure your pre-approval letter is up-to-date and that you have checked on the most recent mortgage rates. Depending on your own timeline, mortgage rates may have changed and you may actually look better on paper which will help the seller agree to your offer.
Think About Your Contingencies
You want to make sure that your offer is not filled with inappropriate contingencies as this may turn the seller away. Yes, make sure you protect yourself by adding in important contingencies like appraisal and inspection. Don’t go overboard though. If you asked when the seller can close and you can do that date, put that in your offer. Being flexible and working with the seller is better than not.
When making an offer as a first-time Broward County homebuyer, it is important to understand that things may change. This can even mean that you do not get the house. But by being prepared and making a solid offer you will allow yourself to be in the best position possible.