You have dreamt about this moment for a long time. You went through hundreds of listings, open houses and finally found the gem you want to call home. Great! As first-time Broward homebuyers, making your first offer need not be daunting. To help you along the way, find below our guide to making an offer for first-time Broward homebuyers.
Be confident in your search experience
Believe that in all of the searching that you have done, you have armed yourself with the necessary knowledge and experience to succeed in the home buying process. Remember: there is no exact price or the single ‘right’ answer when it comes to making an offer. Partner with a great local real estate professional and put that knowledge and combined experience into good use. Use these to help you uncover the best price for the house in your preferred location.
Before you decide on an offer, learn
Gather some information on the seller and their motivation for selling. Compare your intended offer with the comparable home sales data in the area. Find out how long the house has been in the market and if there are other offers on the table apart from yours.
You agent has access to the last six months’ comparable home sales data. Have him send it to you for your review. The pending sales also can give a good idea of what to expect as they are the latest deals made in your location. Seek your agent’s thoughts on the prices for those sales so that you know what to expect from your potential seller.
Keep your lender updated
At this point, you want to have your lender in the loop on all the progress you make. Let her know that you are about to make an offer and that you need your loan pre-approved. Also, there could have been shifts in the rates of loans as well as other available products, as these products and offerings change almost daily. You may find that you are able to afford more from the changes that happened since you applied for financing.
Discuss the terms on how to move forward. Give a timeline for your inspections, the time it will take you to close and whether you’ll need a loan contingency or an appraisal and the time it will take you to get that done. Keep in mind that if your competition is paying in cash, then you might need to sweeten your terms as your competition is more attractive to the seller. If he wants a quick close, go ahead and give it to him if you can.
There will be other houses
First-time Broward homebuyers rarely get the first offer they make. So take a deep breathe and move on. Other houses will be available to you. People make changes every day; they get divorced, change jobs and move, get married etc. Their houses will always be made available by those life events. Learn from your first offer and better yourself for your next offer.