USCityhomes

What should I offer for a home?

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Few motivated sellers list in MLS. Generally, sellers reject low offers in any market condition. As time passes, sellers rejection of a lower offer is less likely. In a today’s seller’s market, offers are often higher than full price. At the initial listing, offers at or above full price are more likely accepted. There are other considerations making offers less or more attractive:

 

  • Is the offer contingent upon anything, such as the sale of the buyer’s current house? If so, even at full price, the offer is not as attractive as one without that condition.
  • Is the offer made on the house “as is”? Does the buyer want repairs before the close or a price concession?
  • Is the offer all cash and without a financing contingency? A cash offer might be more attractive than a higher offer with a financing contingency.
  • Is the offer asking for sellers contribution to closing costs? If so, the offer amount is offset by the contribution. 
  • How big is the down payment? A large down payment can reduce sellers appraisal risk.  A conventional loan is less restrictive than a VA loan.
  • Is the offer reasonable based on market conditions and market analysis? Sellers want what they are asking whether reasonable or not. 

Any offer should consider market conditions, neighborhood characteristics, property condition, timing, comparable sales, among other factors. The goal is to get the deal at the lowest price and negotiate other concessions after inspection and appraisal. We are willing to represent you in making any reasonable offer. We work with you to place an offer taking those considerations in mind. 

Notice: This website contains general information about legal and financial matters. The information is not advice, and should not be treated as such. You must not rely on the information on this website as an alternative to legal or financial advice from your attorney, accountant or other professional services provider. If you have any specific questions about any legal and financial matter you should consult your attorney, accountant or other professional services provider.