So, you have found the home of your dreams and you are ready to make the biggest purchase of your life. But there’s one challenge you need to overcome in order to turn your dream of home ownership into reality — making a successful offer on the house you have shortlisted.
To make the process of making an offer simpler and easier for you, a first time home buyer, I have listed a 5-step process that you can use to make your home-buying endeavor fruitful.
Step 1: Do Your Research
To make an offer that sounds reasonable to the seller, you need to find out two things — the selling price of homes that are comparable to the one you are willing to buy and the history of the property. If the seller had moved into this home only a few years ago, you should consider finding out the price at which they purchased it and make your offer accordingly.
I highly recommend that you discuss the offer with an experienced real estate agent in Atlanta and ask them for their input. They can leverage their knowledge and experience of the real estate industry to help you make a more compelling offer.
Step 2: Secure a Pre-Approved Loan
Only few of us pay in cash for a home purchase. Most homebuyers take out a mortgage loan to buy a home in Atlanta. Sellers tend to give preference to prospective buyers who have a pre-approved mortgage loan. Therefore, securing a pre-approved loan should help you increase the likelihood of you making a successful home-buying offer.
Step 3: Seek Assistance from a Professional
A real estate transaction involves a number of complexities. To make your home-buying journey smooth and seamless, you should consider partnering with a real estate agent. A real estate agent can help you make a Purchase Agreement that protects your best interests and addresses all possible contingencies.
Step 4: Protect Your Down Payment
Your purchase agreement should specify the amount you are willing to pay as the down payment. In addition, make sure you make arrangements to keep this amount in escrow. This way, you can get your money back without any hassle in case the seller does not accept your offer.
Step 5: Seal the Deal
Once you have addressed all the minute technicalities associated with process, you are ready to deliver the offer to the agent of the seller. There are three possible outcomes. The seller may accept your offer, reject your offer, or make a counter offer. A counter offer means that the seller is somewhat willing to sell the house to you. However, they want to make some changes to the terms and conditions of the Purchase Agreement.
Put simply, making an offer on a home is not that difficult provided you have an experience real estate agent by your side.
If you are interested in learning more about buying a home in Atlanta, you may contact me on my website. To get more tips about home buying and selling, please visit my blogs on Luther Ragsdale.com and Platinum Real Estate.