What are the Key Factors in Making an Offer?
Dated: February 26 2021
The process of purchasing a property in the Prescott area may require a bit of knowledge on how to value the property and make a firm and distinguishable offer. Many people might ask, what makes an offer adequate and acceptable?
When we look at both sides of the situation, we can determine that of course the seller would want the best price possible, while the buyer would want the lowest possible price that would leave them with enough funds to update or decorate the property to their liking. The seller would want the buyer to offer their asking price or a price remotely close to that and in this market possibly above list price. The best way to overcome this is to meet in the middle. Both parties must create a win/win situation that benefits both parties and creates a fast and wholesome transaction. Now, the question is, how? How do both parties arrive at this point?
The key factors in making an offer include (1) a lot of compromises. As a buyer, you may not always get the price you hoped for when purchasing a property. This is okay as long as the property is in good condition and is an investment you would not want to pass up. (2) The buyer must also put forward earnest money that shows good faith between both parties as this tells the seller that the buyer is serious about the sale. (3) Always make sure you have proof of funding or are already pre-qualified for a loan. Let’s face it, we don’t want to waste anyone’s time here, so if a buyer is really serious about purchasing a property, they must be ready financially. This is one of the reasons why The Stephanie Woods Team requires proof of funding or pre-qualification documents to set up appointments to view a property. This ultimately tells us that the buyer is in the condition to complete the sale.
The whole process of selling a property would not be made possible without an earnest offer from a buyer. Once both parties meet in the middle and agree on a price, everything else will fall into place with the hard work of the agent, lender, and escrow team. This is where it all begins and negotiating on a price is usually the hardest part of the sale. Call us today to help you in the purchase of your new property. The Stephanie Woods Team Better Homes and Gardens Real Estate BloomTree Realty 928-237-4455 prescottazhomefinder.com