Making an Offer on Westlake Village Real Estate
Picking a Price
You’ve found the right real estate, and you’re ready to make an offer. What comes next? The first factor is deciding an offer price. Is it worth what the buyer is asking? Look at similar homes in the area that have recently sold. What was their selling price? Is the house appealing to most buyers or are there quirks about it that make it harder to sell? On the other hand, are there rare and unique aspects of the house that make it particularly valuable to you? How hot or cold is the real estate market in the area where you are looking? Have other people made offers on the house yet? Is the seller trying to move quickly? Look at the condition of the house itself. While most people wait to have a home inspection until after they have made an offer, you may be versed enough in home repair to perceive that some aspects of the home require maintenance. This will bring the value of the home down. What is your budget? All of these considerations will factor into the amount you decide to bid.
There are a few circumstances that make you a particularly attractive buyer, and could serve as leverage for offering a lower price. If you are prepared to pay the price of the home in cash, for example, the seller will be more interested in entertaining your offer. In addition, if you have been pre-approved for a mortgage, this will make your offer more attractive. Also, if you don’t have a house on the market that you must sell before you can buy the house you are bidding on, this gives you an edge.
Choosing the right price to offer is an art. If you offer too little, the seller could be insulted and turn down your offer without offering to negotiate. Remember, talking the house down to the seller is almost never a good strategy. Sellers usually like their home and want it to go to a buyer who will appreciate it. They may accept a lower offer from another potential buyer if they feel that he or she appreciates their home more. On the other hand, if you offer more than the list price in an attempt to secure the house, you risk overpaying. A trustworthy real estate agent will be able to help you weigh these different factors in order to make the best possible offer.
Making the Offer
In California, your formal offer will include a lot of details, including a description of the property, your offering price, your right to inspect the property, financing terms, proposed move in date and closing date, length of the offer’s validity, and more. Your offer will customarily include a “good faith” check – also called “earnest money” – which shows the seller that you are serious about the bid.
Any “contingencies” in the offer mean that the offer depends on certain conditions or events, such as if the home passes the home inspection, or whether your current home is able to sell within a certain period of time. Another common contingency is a financing contingency, which means that you will only go through the sale if you are able to secure a loan or another form of sufficient financing. An insurance contingency is becoming more common as well. This means that the sale will be contingent on your ability as the buyer to secure a written commitment from an insurance carrier that they will insure the house before you go through with the transaction. Other contingencies are less common. You can discuss your options with your real estate agent in order to come up with the right proposal.
Your real estate agent will help you draw up the offer and then will present it to the seller. The sellers may accept your offer as-is, or they may make a counter offer and request a new proposal. They may ask for contingencies of their own – for example, that they must first be able to buy a new house. If you are both able to come to an agreement, the proposal is signed and then becomes a sales contract.
Proven Negotiation Skills Used to Secure the Best Terms for You
Time and again when talking about their experience working with Westlake Village Real Estate Agent Lydia Gable, clients in Conejo Valley, Agoura Hills, Thousand Oaks, and surrounding communities echo resounding praise for her skills as a negotiator. Lydia’s prior experience as a business executive – working for more than 15 years in executive marketing and management capacities for large companies such as Sega America, Mattel, and Target – comes into play for her clients, who benefit from her skills negotiating top dollar on their behalf.
Are you looking to buy a home in Westlake Village? Enlist the help of a determined real estate agent. Lydia Gable has a reputation for being a relentless hunter; she knows the area and can help you make the most informed decision as you hunt for the perfect house. Buying a home is a huge investment and a landmark event in every homeowner’s life. First-time home buyers and seasoned clients alike have high praise for Lydia Gable, who has helped families and individuals all over Los Angeles and Ventura Counties find the home of their dreams. Contact Lydia Gable Realty Group today to find out more!