After weeks of searching, hundreds of MLS listing sheets, countless Sundays spent at open houses and dozens of home viewings, you finally find the one home you fall in love with. it’s that home that you said
“I’ll know it when I see it. I’ll feel it!”
Finally, you’ve found the one. The house that has everything, i.e., the 3 bedrooms, 2 1/2 baths, family room and fenced in yard. Oh don’t forget, the 2 car garage that you didn’t want to live without. Everyone in the family knows this this the home for you. Even the Realtor sees the different glaze in your eyes. You have found the house for you.
As you return to your car, trying to hide your excitement from the Listing Agent, you utter those simple words
“How long do I wait before I make an offer?”
Hundreds questions and thoughts are swirling in your mind
“Should make my offer now?”
“Will look desperate if I make my offer now and will the sellers hold out for more money if I do make an offer immediately?”
“Should I mke my offer tomorrow . . . or two days from now?
In my 20 years of selling homes, I have encounted all these questions and have experienced just about ever senario in the offer process.
- First of all, you should be working with a qualified Buyer’s Agent who represents YOU and not the seller.
- If you haven’t already seen the home again, immediately schedule a second viewing of the home.
- Your Buyer’s Agent should be preparing a CMA (Comparative Market Analysis) for you. The Listing Agent has already prepared one for the Seller. This is how they determined their selling price. A smart Listing Agent wil be preparing another CMA for their Seller at this point.
- Your financing should already be in place. Pre-approved is much better than pre-qualified. You will need a letter of pre-approval/pre-qualification to accompany your offer. This letter shows that you are serious. Many Listing Agents have advised their Sellers not to take offers that are not accompanied by a pre-approval/pre-qualification letter.
The Advice
While well-meaning relatives and friends may inundate you with advice about your home buying experience, it’s most important, especially at this time, to seek the advice of your experienced Buyer’s agent.
When my buyers ask me when to place the offer. I tell them not to wait. Trying to guess what the Seller is going to do, or trying to make the seller think you are really not as interested as you really, never works. Point is, you are making an offer . . . you are interested.
Make sure your Buyer’s agent immediately does the CMA which you will need to make your educated offer. As soon as you have a price in mind, put it in writing and have your agent present it. Many a deal has been lost trying to second guess the sellers.
Remember, there is nothing worse than saying
“let’s wait a couple of days to make the offer”
then driving mom and dad by the house of your dreams and suddenly seeing a PENDING sign atop the Realtor’s sign.
Tammy Pelletier can be reached at (401) 263-6913 Prudential Gammons Realty is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
