After lots of search when you finally zeroed-in your dream house, it is time to make a final deal. Offering certain price for any house is not as simple as you think. Afterall, it is one of the major buys that you are going to make and hence you must know what you are up to.
Luckily there are few expert real estate companies like The Munir Group available, who have lots of experience in closing the deal related to different kinds of housing properties. They have the right kind of tool to determine what other additional cost that you have to pay after the price of the house is decided.
Following are five steps that are involved while making your offer to your prospective seller of the house.
- You must do thorough research about the local property market
Before you sit with the seller you must have all the information about the local market scenario and also about the seller. You must know exact reason why he is trying to sell his home.
By knowing the price range of similar kind of house in that locality you will be aware about the maximum and minimum range of the price.
You must also know how much appreciation the seller is getting from the original price that he had bought it.
- Need to have approval from your lender in advance
If you are a serious buyer then you must be ready with your finance, otherwise it will be very difficult to close the deal if the seller comes to know that your source of funds is still questionable.
Any seller will be ready to offer you discount, in case he finds that as a buyer you are serious and you have money readily available either as bank deposit or approved loan.
- Take guidance from certain local real estate agent
In all such dealings an experienced local estate agent can play a very important role. Estate agents are not only familiar with the market trend but also knows how to negotiate with the seller to bring the price as per the prevailing price in the market.
Real estate agents can also update you with all the positives and negatives of the property and also about the surroundings and can see many other things which as a buyer perhaps cannot easily see it.
Real estate agents can always remove any unforeseen obstacles that often come while closing any deal.
- Protect money in escrow
While making purchase agreement you must note how much amount you are willing to pay as down payment.
Hence try to deposit that money in escrow account which is not with your seller, so that the money that you are paying will be refunded back to you in case the deal is not closed.
In case, the offer is agreeable then the deposit can be deducted out of what you owe to the seller when the deal is completely closed.
- Finalize the deal
Thereafter you can continue with all the necessary legal formalities and sign an agreement and take possession of all legal papers and the property.