Kennedy Real Estate Solutions
Kevin and Sharon Kennedy, Kennedy Real Estate SolutionsPhone: (860) 304-4433
Email: [email protected]

How to Submit an Offer

by Kevin and Sharon Kennedy 03/25/2020

Photo by RawPixel via Pixabay

You and your agent invested hours, days, weeks and even months searching for the right house. Time spent visiting open houses. But now all your efforts pay off. You’ve found the one. It’s the right size, the right neighborhood and within the budget parameters. This is the home of your dreams. It’s time to make an offer.

First Things First

Let your agent guide you. A great agent knows what the market will bear. They also have the experience and know-how to save you thousands on your home purchase. When you work with an agent, you can submit an excellent offer that the buyer wants to accept.

Don’t make the mistake many first-time homebuyers do of low-balling the offer. Of course, you want to pay as little as possible for the house, but too low of an offer, one that doesn’t account for proper market analysis, just frustrates the seller. If nearby, comparable homes recently sold for five to six percent less than the asking price, you can reasonably offer seven to nine percent less, leaving both of you room for negotiation. But if this is a seller’s market, offering less than the asking price exposes you to the risk of being outbid by other buyers. Your agent knows the temperature of the market. They’ve already experienced what buyers accept and what they reject. If this is the house you want, follow the guidance of your agent when making the offer.

Dot the I’s

Submitting a bid for real estate is a legally binding document. You don’t want to make a costly mistake that jeopardizes your purchase or forces you to buy a home that requires a lot of repairs and renovations to be livable.

Cross the T’s

Having a pre-approval sets you up for negotiating power. Remember that the seller actually wants to sell. And you actually want to buy. This is where a little give-and-take compromise wins the day. Once you make the offer, the seller counters, you resubmit, and they accept, your next action includes a home inspection. Your knowledgeable agent will have written contingencies into your offer for failures in significant systems that the inspection reveals. At this point, any HVAC, plumbing, electrical, foundation and roof systems that need repair are negotiable. Do not let anyone talk you out of doing an inspection. It is well worth the cost to protect yourself from major but hidden issues. Your agent can recommend a home inspector, or you can hire one yourself. Make sure they have all licenses and certifications.

The other primary contingency should be the final appraisal. To qualify for your loan, your lender will require an appraisal of the property’s fair market value. While the inspection protects you from future problems, the appraisal protects you from overpaying. If the appraisal comes in lower than your accepted offer, your agent will begin renegotiation for you.

Now you’re on your way to closing. The best day in the process. Use your professional real estate agent’s abilities to get you to the finish line.

About the Author
Author

Kevin and Sharon Kennedy

"A Personalized Approach to all your Real Estate Needs" Sharon and Kevin Kennedy have built Kennedy Real Estate Solutions with the premise of building relationships and finding creative solutions to unique real estate situations, both residential and commercial. The Kennedy’s work with their clients with the intent of getting a full understanding of the client’s current situation and desired real estate goals. With this understanding and the knowledge that has been acquired from over 50-years of real estate experience, Sharon and Kevin offer guidance and advice best suited for the individual client. Buying and selling a home can be an emotional and trying time for most folks. The Kennedy’s are sensitive to their client’s needs in this ever changing real estate environment. They are with them every step of the way and will help to address whatever challenges arise. About Kevin J Kennedy, Broker/Owner Kevin J. Kennedy is a dedicated and successful Realtor/ Broker. He helps his clients buy and sell homes throughout the beautiful Lower Connecticut River Valley and Connecticut Shoreline. Since buying or selling a home is a major life event for most people, both financially and emotionally, it is important to have an agent you can trust and with whom you feel comfortable. An essential part in creating a great real estate experience is choosing an agent who is detail-oriented, has up-to-date market knowledge, and is a skilled negotiator. Kevin offers all of these qualities. Today, many buyers and sellers insist on the advantages of cutting edge technology. Via his web site and IDX property finder, Kevin delivers. Using these state-of-the-art tools, his buyers save time and energy during the house-hunting process, and his sellers are able to reach numerous prospective buyers. Kevin is highly regarded in the real estate community and is a consistent top producer. He lives in Old Saybrook, is an instructor of T'ai Chi and QiGong, and enjoys photography, music, and kayaking. Call Kevin at 860-304-4433 About Sharon S. Kennedy, Realtor Sharon grew up in Old Saybrook. Her family owned and operated one of the first local real estate companies. She first received her real estate license in 1988 and now has more than 35 years of real estate negotiation experience. Sharon enjoys gardening, spending time with her horses, chickens, cats and dog along with preparing wonderful vegetarian meals for her family. She is knowledgeable in homeopathy and natural remedies. Today many buyers and sellers insist on the advantages of cutting edge technologies, Via their web site and IDX property finder, Kevin and Sharon provide state-of-the-art tools. Contact them today to discuss your real estate needs.