4 questions to ask when making an offer on a house

May 27, 2020 / by Homebase by Ribbon

You’ve found a home you love. Now what?


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First of all, congratulations! You’ve found a home you love and are ready to make an offer. You’re probably, like, now what? Which is a totally fair question. The answer is to now ask your realtor the following questions.

Why is the seller moving?

Understanding what is motivating the seller — downsizing, relocation, etc. — could put you in a better position to win the home of your dreams. For example, if a seller is relocating, a fast close could be desirable and something that you could offer to sway the sellers.

How long has the house been on the market?

The longer a home has been sitting on the market, the more motivated a seller becomes to move the property. If the house has been on the market for 3+ months, you can likely make a flexible offer on your terms. You’ll also have more leverage to negotiate on price and smaller asks, like upgrading outdated fixtures.

What are the comps selling for?

Neighborhood comps are important for assessing home value, as it helps you determine if the home is overpriced or at market value. Our Ribbon expert, Ryan, recommends looking at comps for the last 6 months to determine the right price to pay.

Is the home in good condition?

Sellers are required to disclose any known issues with their home. However, they cannot disclose what they don’t know. If you’re strongly considering making an offer, Ribbon recommends hiring an inspector to view the home to surface any potential areas of concern. This can be a helpful tool in negotiating seller required repairs.

We believe in this so strongly that we actually cover the price of inspections for homes that certify with us.

 

Tags: Home Buyers

Homebase by Ribbon

Written by Homebase by Ribbon