What to Expect When You Review a Home Offer

After you receive an offer to purchase your house, you likely have only a short period of time to make your decision. Ultimately, determining whether to accept, reject or counter a homebuyer’s proposal can be tricky. But if you plan ahead, you should have no trouble performing a comprehensive analysis of a buyer’s offer, regardless of how much time is available.

Now, let’s take a look at three tips to help you review a homebuying proposal.

1. Weigh the Pros and Cons

Creating a pros-cons list may prove to be ideal, particularly for a seller who is struggling to decide how to proceed with an offer. With this list in hand, you can evaluate the advantages and disadvantages of accepting a proposal and determine the best course of action.

Furthermore, it may be beneficial to assess your homebuying goals relative to an offer. If you goal is to maximize your profits, for example, you may want to accept an offer only if it matches or exceeds your house’s initial asking price. Or, if your goal is to move out of your current residence as soon as possible, you may be willing to accept a proposal, even if it falls short of your home’s initial asking price.

2. Assess the Housing Market

Housing market data is readily available that may help you make the best-possible decision about a home offer. If you analyze this information closely, you may be better equipped than ever before to decide whether a buyer’s proposal is “fair” based on the current real estate market’s conditions.

Oftentimes, it helps to conduct a home appraisal before you list your residence as well. Following a home appraisal, you’ll receive a property valuation that may help you price your residence and evaluate home offers down the line.

3. Consult with a Real Estate Agent

There is no need to examine a home offer on your own. Instead, collaborate with a real estate agent, and you can receive expert recommendations as you assess a homebuying proposal.

A real estate agent is happy to work with you at each stage of the home selling process. This housing market professional will make it simple for you to list your house and promote it to the right groups of buyers. Next, a real estate agent will set up home showings and open house events to showcase your residence. And once you receive an offer on your house, a real estate agent will allocate the necessary time and resources to help you make an informed decision.

Lastly, if the first home offer that you receive fails to impress, there is no need to worry. You should not feel pressure to accept the initial offer on your house. In fact, you can always counter this proposal to set the stage for negotiations with a buyer, which could increase the likelihood of a successful home sale.

Get ready to review a homebuying proposal – use the aforementioned tips, and you can fully assess any offer that you receive.

Choosing a Neighborhood Condusive to Walking

Not every neighborhood is pedestrian-friendly, especially if you live on a busy highway or have no access to sidewalks. However, if you’re fortunate enough to live in a walkable area (or have a chance to move to one), why not take advantage of it?

Walking in your neighborhood is a free way to stay healthier, happier, and more relaxed. As long as you don’t have any health conditions that would stand in the way of taking regular walks, a daily constitutional can provide you and your family with an array of benefits.

Healthy Lifestyle: Staying physically and mentally healthy is not the result of one or two positive habits, but rather a variety of lifestyle decisions you make throughout the day. Walking on a regular basis can help you achieve weight loss goals, maintain muscle tone, and increase your energy level. A moderate exercise program can also help relieve stress, enhance your mood, and slow down the aging process.

Family Bonding: Walking in the neighborhood or at a nearby public park can be a great way for your family to spend quality time together. It’s also an opportunity to take a refreshing break from television watching, social media use, the Internet, and video games. Going for family walks is a simple activity, but the benefits can be far reaching.

Neighborhood Connections: The very act of walking around in your neighborhood, every day, makes you feel more connected to your environment. It also gives you a chance to chat with neighbors, meet new ones, and observe any changes that may affect the character of the neighborhood.

Critique Your Property: When you walk past your house and yard, you can often see features and flaws that may have escaped your notice when you last drove by in your car. Looking at your property from different angles and directions can help give you landscaping ideas and point out ways you can improve the outward appearance of your home. You can also pick up landscaping and property ideas by seeing what your neighbors are doing. Curb appeal is especially important if you’re planning to sell your property.

Bargain Hunting: If you happen to be taking a walk in the neighborhood when yard sales are underway, it’s easy to stop and scope out the treasures being offered. One caveat: If you do find something you want to buy, especially if it’s a large piece of furniture, you may have to return later with your vehicle to pick it up.

Find a New Neighborhood: If you’re in the market for a new home, the walkability of neighborhoods is an important feature worth keeping in mind.

Save Gas: Sometimes it’s nice to take a break from driving and walk over to your neighborhood grocery store, pharmacy, or post office. On those occasions when you only need to pick up a few small items, hoofing it over to your local retailer is an alternative worth considering!

Property Repair Requests That Homebuyers Need to Avoid

A home inspection represents a key stage during the homebuying journey. This inspection enables you to examine a house with a professional property inspector. And if you discover minor or major property issues, you can ask a seller to perform repairs. Or, you may choose to reduce your initial home offer or rescind your proposal.

Ultimately, it pays to be diligent during a home inspection. If you perform an in-depth assessment of a house, you can understand whether this residence is the right choice.

On the other hand, there may be property problems that you identify during a home inspection that you won’t ask a seller to repair. These issues may include:

1. Cosmetic Problems

If you ask a home seller to perform cosmetic repairs, the seller may choose to walk away from your homebuying proposal. And if this happens, you could lose your dream house to a rival homebuyer.

There is no need to jeopardize a home sale due to a cracked floor tile, a deck that needs to be stained or other cosmetic problems. Instead, plan to perform cosmetic repairs on your own.

In addition, keep in mind that many cosmetic issues are quick and easy to fix and won’t require you to break your budget. This means you likely will have no trouble completing myriad cosmetic repairs after you close on a home.

2. Loose Fixtures

A loose doorknob or light fixture can be frustrating. And as you walk through a house during an inspection, you may feel like repairing a loose fixture is a top priority.

Loose fixtures generally require simple hand tools to repair, and problems with these fixtures frequently can be solved in just minutes. As such, you may want to focus your attention on bigger and potentially more expensive home repairs as you determine which property repair requests to submit to a seller.

Of course, if a loose fixture creates a safety hazard, you should not hesitate to ask the seller to fix this problem. Because if a hazardous fixture remains in place, it may put your health and safety at risk.

3.Non-Functional Light Switch

A non-functional light switch may raise red flags as you inspect a house. But in many instances, this problem is minor.

If you notice a non-functional light switch during a home inspection, there usually is no need to worry. In fact, a property inspector typically can tell you whether a home’s electrical system is safe to use and up to code.

For homebuyers who are uncertain about how to proceed with a residence following an inspection, it pays to consult with a real estate agent. This housing market professional can offer expert tips to help you make informed decisions at each stage of the homebuying journey.

Consider your potential property repair requests following a home inspection. By doing so, you can prioritize major property repairs and increase the likelihood that you and the seller can find common ground as you work toward finalizing a purchase agreement.