Posted 5.29.12 @ 11:8
When you’re buying Oakville real estate and you’ve found that magic home that makes your heart sing, you’re going to want to bid. But what do you bid? How do you bid? Do you bid low and upset the seller, or do you bid high and hope you win the home of your dreams? You need to know how to make the most out of your bid, and here we’re going to go step by step through what you need to know about making an offer to buy a home.
Make a Knowledgeable Offer
When you choose us to help you buy your home, you’ll get expertise and price knowledge that will help you make the right bid. We can help you see what comparable homes in the same neighbourhood went for recently, and we’ll help you make the best bid possible. If people have been buying homes up at 5% less than the listing price in the last six months, you may be able to save 5% off buying the home. This is why you don’t want to try to do this on you own!
We’ll help you understand how much the seller originally paid for the home. If they bought the home up at a bargain and are trying to make a massive profit 2 years later on their Oakville real estate, you’ll know. Homes shouldn’t appreciate that quickly, and if they’ve jam packed the home full of goodies that make it leaps and bounds ahead of other homes in the neighbourhood you may not want to buy it anyway. One of the best rules of selling a home is not to push the house far out of the market around it.
How Much do They Owe?
Looking at the seller’s mortgage balance can give you an upper hand when buying real estate. They may accept something a bit over what they owe so they can pay off their bills and turn a profit. If the mortgage balance is really high and unoccupied you may be able to get the home more quickly. A seller who has a lot to lose is always going to want to move through the deal quickly. But if the seller doesn’t owe much and lives in the home they may not want to close the deal so quickly.
How Long Has it Been on the Market?
Figuring out how long a home has been on the market is the key to a successful bid. Most homes in Oakville sell within 60 to 90 days, and you’ll want to make sure that if it’s over this that you use it to your advantage. This means people aren’t biting, and you should go take a look to see if you like it. Ask for an inspection report so you can get a better picture of the home. When a home has been on the market longer you can normally make a lower bid than the list price, but check to see if they’ve dropped the price since it was first listed before you undercut.