Before putting an offer on your next house, the following are a few good things to keep in mind:
- Find out what the property is worth in this market. You can ask for comparable sales, or “comps, that are in the same area. These are prices of nearby homes that have been sold recently along with the high and low ranges for particular properties. Your agent can let you know how long homes have stayed on the market in your area and what percentage of the asking price sellers are getting.
- Find out how flexible on price the seller is. Right off the bat, if you come at the seller with a low ball offer, it could insult the seller and you could lose your shot at the house. Find out from the sellers agent how firm the seller is on the price, either by asking them directly or having your agent ask for you. Keep in mind you want to know how “flexible” they are on the price, not “how low” they will go.
- Make sure you find out what is wrong with the house. Since sellers want to get rid of the properties, they are failing to disclose problems. It is always a good idea to flat out ask them as well as remind them that with inspections and disclosure requirements, you will find the problems anyway.
