If you are about to purchase your very first home, it's likely that you may not know a lot about how to make a good offer on the house you want to buy. Your real estate agent can help you with this, but here are several things you should know as you are shopping for a house to purchase.
You should avoid insulting the owner
The first thing to understand is that the price that is listed for the home is approximately the price the owner will expect or want to get when selling the house. In other words, you should never make an offer on a house that would insult the owner.
For example, if the owner is asking $199,000 for a house, you should not lowball it with an offer for $180,000. There is probably no chance the owner would accept this low of an offer, and the owner might take offense to this. For a house priced at this amount, you probably would not want to make an offer that is less than $190,000.
You can ask for things to be included or completed
Another important thing to realize is that you can ask for things to be included or completed when you create your purchase offer for the house. One thing to consider is that if the house needs some work done to it, you might be tempted to offer a lower price to compensate for this, but instead you may want to ask the owner to perform certain tasks. With this option, you could make a reasonable offer, but the offer would have some contingencies on it. For example, if the house is missing the back deck, you might want to make an offer that ask the owner to build a deck onto the house.
You may want to include a home inspection contingency on the offer
Finally, you may want to also include an inspection contingency on your offer. An inspection contingency would state that you will only buy this house if the inspection comes back clean. You could also state that you will purchase the house even if the inspection reveals major issues, as long as the owner will remedy the problems before you purchase it.
Shopping for the right home is important and can take some time, but taking your time will help you find the right house for your family. To learn more about homes for sales or tips on making offers on homes, talk to a real estate agent today.