Making an Offer
You have found the house, your home, the house you have been looking for (or at least you one you can live in) and you are ready to make offer. Its Colorado real estate practice for the buyer to make a complete offer to purchase the home that if accepted by the seller, the seller could sign and the parties would be under contact.
There is a lot to consider when making an offer on a home and almost everything is negotiable when buying a home in Colorado. Real estate agents can help you determine you offer, but you have the final decision on your offer to purchase. When determining your offer on a home, take in to consideration the following factors:
- The overall real estate market in Colorado, the city, and neighborhood. If homes are not selling quickly you may be able to place a very low offer and negotiate up if needed. However, if homes are selling quickly you don’t want to risk losing the house to another offer.
- The listing price of the home compared to other similar homes in the neighborhood is also a very important factor. Homes that are priced right or below value sale quickly and often receive multiple offers in Colorado. Homes priced above market value will take longer to sale and you will probably have less competition when making an offer.
- The seller and the seller’s needs may also determine what type of offer you make. Banks typically will not make any repairs to the house if the property fails inspection, while a homeowner often will work the homebuyer to correct major problems. The seller may also have to sale quickly because of job relocation and be willing to lower the price for a quick closing. Vacant homes that are still owned by an individual may mean the homeowner is carrying two mortgages and eager to sale.
- Your wants and needs are probably the most important factor when making an offer on a home. Even though it’s important not to make an emotional decision when purchasing a home, you and your family will be living in the home. When you find your dream home with perfect views of the Colorado sunset and it’s within your budget, don’t let a few thousand dollars stop you from buying the house.