So you think that youâ€™ve found your dream home, and now you want to make an
Here are some tips to help you get the perfect home for the best price.
Tip #1: Get pre-approved.
Getting a pre-approved loan is the first step in buying a home.
Tip #2: Get professional help.
A lot of real estate websites get their data from realtor associations and
so that data can be outdated. Only real estate professionals have
the most current information on homes.
Tip #3: Get your finances in order.
Make copies of your most recent bank statements showing you have the funds
to cover the Earnest Money Deposit (EMD), down payment, and escrow related
expenses and be willing to furnish it along with your offer.
Tip #4: Compare apples to apples.
It is best to compare similar homes (same bedroom and bath) in the same
neighborhood. You must also consider that although two homes might have the
same square footage, and be located in the same neighborhood, that doesnâ€™t
necessarily mean they should be the same price. A recently remodeled kitchen, finished
basement, or a better view must also be taken into
Tip #5: Have the best offer.
It is true that the best offer is often the highest offer. However, it is
also true that the lowest offer can be the best offer if it is the only offer.
I find these two strategies have worked best:
1. In a slow market or where the house has sat on the market for
sometime: Come in with a low offer (typically 10%-15% below listed price). More
often than not the seller will counter giving you an indication where they
really stand on their price.
2. In a fast market or where there are several offers for the
same property it is best to come in with your highest offer or the highest
offer so you have control of the table. More often than not the seller will go
with the highest offer without countering offers from other potential