Don’t Hesitate, Just Make that Offer

So many times I have seen eager buyers find a home that they love but instead of making an offer right away, they want to see if they can find something better. After they are satisfied with their search efforts and decide to go back to the previous home that they fell in love with at the first time, they are in for an unfortunate shock. The property already has an accepted offer.

Can you still win the property? Sure! But now you no longer have the upper hand in negotiations and you may end up paying more than what you had expected to pay before.

[RELATED: 7 Things You Should Know Before Buying a Home]

Of course, you could end up losing the chance all together if the property is in contract.

See, lots of buyers have this mentality that they will be missing something if they make that offer. Lots of buyers feel that they may be jumping too soon on something they like and feel that they should wait it out a bit. It’s a natural thought really, so don’t feel bad. You are investing in something that’s not a thousand dollars but something that is either hundreds of thousands of dollars or more.

The problem with waiting is that you may end up losing the home that works for you and your family by hesitating.

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So, I always advise buyers to MAKE THAT OFFER!

Here in New York City, when you make an offer, it’s not a contract! It’s not binding, you can make offers on other properties, so you don’t have to fear on losing out on anything. I actually feel that people who are home shopping should make multiple offers on multiple properties that 1) Works for their families 2) Is something that they love or can love with some renovations 3) And works for their pocketbooks.

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You should also note that, almost all homes are negotiable! Just make that offer! If the property is $500,000 and the top of your budget is $450,000, go ahead and make that offer of $435,000. You never know what the seller’s motivations are or their needs. If the property has been on the market for a while, you don’t know if they will take your lower offer. Maybe your offer is the only offer they have had, EVER! Maybe they have to leave the state right away for a new job. Maybe they need to disappear out of the country for a while due to some illegal activities. Maybe they are going through a divorce. Maybe they just want to be done with the property. You just never know.

You should only pay what you can afford to pay and what you are willing to pay as well as keep the market value in mind and being respectful to the seller.

Don’t just give an offer if you aren’t seriously considering to purchase the home. Don’t be rude or obnoxious to the seller if you are dealing directly with them. You want them to take you seriously, even if your offer is lower than the purchase price and by being respectful to the market, it will keep you from giving an offer price too far below the market value. Sure, you can always offer less than the listing price however, you should keep in mind to not go too low on the offer. For example, if you see a property for $500,000 and the houses similar to this property in the area has sold for around $465,000 to $520,000, don’t go in there trying to offer $350,000 (unless it is a foreclosure home that needs a total gut renovation and at that point, it wouldn’t be priced at $500,000 honestly). Usually, sellers won’t even counter or entertain a really low offer at all and would cut all communications with the person making that offer.

[RELATED: Being a First Time Home Buyer: What to Expect]

If you are dealing directly with the seller of a property, you can always say something like “I love the place, I think its in a really great location and it’s a great home (substitute property type here if you want). I know this offer is a bit lower than what you are asking but I am really serious about moving forward. I have a mortgage pre-approval and an attorney ready to go. I’d like to offer to purchase the home at x, y and z.”

If you are working with a realtor, your agent will be doing all of this for you as well as educating you on the market value of the area you are interested in. I hope that you have found this useful. Please feel free to share with someone you know who is planning on buying a home.

DISCLOSURE: PLEASE NOTE THAT SOME OF THE LINKS ABOVE MAY BE AFFILIATE LINKS, AND AT NO ADDITIONAL COST TO YOU, I EARN A COMMISSION IF YOU MAKE A PURCHASE. I RECOMMEND ONLY PRODUCTS AND COMPANIES I BELIEVE IN AND THE INCOME GOES TO KEEPING THE SITE COMMUNITY SUPPORTED AND AD FREE.

41 Comments Add yours

  1. Wow I had no idea about all this before reading this post… Thank you soo much for posting this I wanna share with my hubby and my friends 👍🏼

    Liked by 1 person

    1. You’re very welcome! Glad that you found it useful and I hope that they find it useful too.

      Like

  2. Patricia-Ann Que says:

    how informative is this! buying your first house can surely be stressful and sometimes can influence ones decision. knowing the market value I think is a must for any buyer

    Liked by 1 person

    1. Yes, it can be very stressful but if you know what to expect, it makes it a bit easier.

      Like

  3. good tips. i’ve bought a few properties and once i find that “one” i always make an offer. in honesty, there could be something better out there, but if you already love one, why not take the plunge?

    Liked by 1 person

    1. Yes, I totally agree! If you love it enough to think about purchasing it, why not go for it?

      Like

  4. Great tips for buying a home. I so agree about not bidding too low as the seller may just ignore your bid.

    Liked by 1 person

    1. Yes, they really do get offended with lowball offers.

      Like

  5. Amber says:

    Yup, when we found a house we liked, we did put in an offer. If it didn’t work out, we just moved on and put another offer on another house.

    Liked by 1 person

    1. Exactly!!! Did it work out?

      Like

  6. Sarah Bailey says:

    This is such an informative post, I would love to be able to buy a home myself one day so I will remember this advice.

    Liked by 1 person

    1. I’m glad that you found it useful!

      Like

      1. This is a great and informative post. Buying your first home can be so stressful but have have lifted some of that stress by knowing what to expect.

        Liked by 1 person

      2. Awesome Ladonna! Glad that you found it useful. Definately knowing what to expect takes a weight off of your shoulders.

        Like

  7. megha811 says:

    I have gone through such experience so can relate to your article. Thanks for the useful tips.

    Liked by 1 person

    1. Glad you can relate!

      Like

  8. I can relate to this situation. I once lost a better place because of spending time in looking after other ones.

    Liked by 1 person

    1. I’m sorry to hear that had happened to you. Where you at least happy with the place you had settled with?

      Like

      1. Nah ..left that place early

        Like

  9. nabanita says:

    I think finding the right place is so stressful. You make a good point to go for it when a house takes your heart and not delay.

    Like

  10. Cristina Coroiu says:

    Interesting point of view. When we were searching for an apartment, we found one that we liked, and wanted to buy it, but because it was a few months before our marriage it got a bit complicated with the bank. We did need a lown. After marriage, that apartment was already bought, so we got the second best.

    Liked by 1 person

  11. kumamonjeng says:

    Totally can relate to this as I have a similar experience when buying houses. Having said that the location is always the key and of course it has other factors as well.

    Liked by 1 person

    1. Yes! Totally agree.

      Like

  12. Raina says:

    Such great advice. We made offers on houses that worked for our family and ended up getting the right one. You never know how it will work out.

    Liked by 1 person

    1. Yes that is true! You never know unless you try!

      Like

  13. Alexandra Cook says:

    I definitely agree that you shouldn’t wait. If you find the perfect home, pounce on it!

    Liked by 1 person

      1. Batiste Ladonna says:

        This is a very informative post and very helpful. Purchasing your first home can be so stressful. Thank you for taking away a lot of the stress by knowing what to expect.

        Liked by 1 person

      2. No problem Batiste! Glad that you found it useful.

        Like

  14. Katie -louise says:

    Such great tips! I have been thinking about buying my first property for a while.

    Liked by 1 person

    1. Awesome Katie, let me know if you need any advice!

      Like

  15. This article is so informative I like such articles. I am sharing with one of friend she is looking to buy new house soon hope this advice help her

    Liked by 1 person

    1. Awesome! I hope it can help her too! If she needs any advice, please let me know.

      Like

  16. Karen Monica says:

    Good advice and I like your point of view. I will keep this in mind because I am planning to buy a house

    Like

  17. lattelindsay says:

    I would love to buy my own home, and I’m hoping next month that we can finally take the first step to doing it.

    Liked by 1 person

    1. Yes! Go for it girl! I wish you luck on your home buying journey and if you need any advise or a reputable agent to assist you in yur area, let me know.

      Like

  18. Monique Starks says:

    These are excellent tips and I will be sure to share this article with friends who will be purchasing a home soon. Thanks for sharing!!

    Liked by 1 person

    1. You’re very welcome!

      Like

  19. Bindu Thomas says:

    Such great advice. Buying your first house can surely be stressful and sometimes can influence ones decision.

    Liked by 1 person

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