Placing a Bid on a HomeWe recently covered the importance of selecting a real estate agent and becoming pre-approved for a loan.  The next step is to place a bid on the house you’d like to call “home.”  There are some things you need to first consider before making a bid, as you want to be sure you make an appropriate bid on the house.

Up first are your rights as a homebuyer.  One great benefit you have as the buyer is the right to have an inspector investigate the house.  By doing so, you’ll be able to establish a proper, initial bid.  Now yes hiring in your own home inspector will be additional fee but doing so could potentially help you save a pretty penny when making your bid.  You should also know that virtually everything is negotiable when buying a home.  Things like the closing costs and even appliances can be discussed to help save you even more money.

The next step is to sit down with a real estate agent and do your homework.  Meaning you need to consider the value of the area in your initial bid as you could end up with a great home.  If it’s located in a bad area or even a bad school district, you could easily end up bidding far more than necessary.  Luckily, this is where the real estate agent comes in to help take off a lot of pressure off your shoulders.  Part of their job is to research the area and provide you with all of the necessary information.

When making the initial offer be sure to consider additional items; would you like the owners to pay for the closing costs?  How about any home repairs needed?  Like a broken garage door or maybe the furnace needs to be replaced.  All things should be considered as your end goal is to save as much as possible on your potential new home.

Be sure to give your self some breathing room when making that first bid as well.  You don’t want to max out your price range right away, as the owners are likely to counter offer with a higher bidding point because they want to make money too.  Lastly you need to be patient.  Playing the waiting game is a big part of bidding on homes.  Unless a deadline is specified for the homeowners to come to a decision, they have virtually all the time in the world.  So if you have to wait a few business days, then so be it.  During that time it would be wise to maybe browse a couple other homes just in case a deal cannot be made.

With all things considered, bidding on a house can be a pretty big step so if Riverbank Finance could help you in anyway.  Be sure to let us know.  Need a recommendation regarding an inspector?  How about pre-qualification for a mortgage?  We can help with that and then some so give us a call at 1-800-555-2098 or fill out the email form below.

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