After looking at homes and finding the right property, you are ready to make an offer. A dedicated Buyer’s agent can be an invaluable resource in helping negotiate an offer.
Why Use A Buyer’s Agent?
In most cases, the Seller pays for all of the standard real estate commissions associated with the sale of their house. Typically, this means that both the Seller and the Buyer have the ability to choose an agent to represent their interests throughout the transaction. So, a Buyer’s agent has fiduciary responsibility to you, the Buyer, and is your advocate in making the best offer on a home. In addition, a dedicated Buyer’s agent typically only works with Buyers and often have even more experience negotiating the best terms on the Buyer’s behalf. Contact one of our dedicated Buyer’s agents at The Donnelly Group.
Decide on Your Offer Amount
The amount you should reasonably offer depends on the demand for the property. Your buyer’s agent will give you professional advice about the home, the likelihood of multiple offers and what type of offer may make the most sense, but ultimately, the final decision is yours. In situations where there is high demand and potentially multiple offers, you’ll need to weigh a variety of factors before making your offer.
The strongest offers always include attaching a loan pre-approval from your lender to the offer. Note that a pre-qualification letter is not as desirable as a pre-approval. The pre-approval can carry a lot of weight since it indicates to the Seller that a lender has already reviewed your credit and income profile and that you are approved to buy a home for the offer amount.
Another strategy is to determine whether you want to submit a higher offer with closing help from the Seller or a lower offer with no closing help.
An offer with a lot of contingencies is always less attractive to the Seller because it means that the offer is subject to something else happening or being required such as when a Buyer submits an offer based on the sale of their current house. So, in a competitive market, you may want to consider which contingencies are a must.
Leave the Negotiating to the Professionals
The Buyer’s agent’s job is to carry out your reasonable and legal requests, but provided they have years of experience, they will often be able to provide sound guidance with the negotiation process. Remember, your Buyer’s agent has fiduciary responsibility to you as the Buyer, so they can help you make the best offer possible and negotiate terms on your behalf with the Seller’s agent.
The Donnelly Group is devoted to effectively communicating with you throughout the entire process. To speak with one of our representatives to find your new home, send us a message and we’ll set you up with an experienced buyer’s agent today.