Step 7: Make an Offer

Step 7: Make an Offer

How much?

You sometimes hear that the amount of your offer should be x percent below the seller’s asking price or y percent less than you’re really willing to pay. In practice, the offer depends on the basic laws of supply and demand: If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.

How do you make an offer?

The process of making offers varies around the country. In a typical situation, you will complete an offer that we will then present to the owner and the owner’s representative. The owner, in turn, may accept the offer, reject it or make a counter-offer.

Because counter-offers are common (any change in an offer can be considered a “counter-offer”), it’s important for buyers to remain in close contact with us during the negotiation process so that any proposed changes can be quickly reviewed.

How many inspections?

A number of inspections are common in residential realty transactions. They may include a general inspection, radon testing, mold testing, roof inspection, well, septic to name just a few. There will also be a survey done to determine boundaries, appraisals to determine value for lenders, and title reviews.

The general inspection is particularly important. During this examinations, an inspector comes to the property to determine if there are material physical defects and whether expensive repairs and replacements are likely to be required in the next few years. Such inspections for a single-family home often require two or three hours, and, if possible, buyers should attend. This is an opportunity to examine the property’s mechanics and structure, ask questions and learn far more about the property than is possible with an informal walk-through.

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Neil D. Lyon CRB, CRS, GRI Cell: 505.660.8600 Direct: 505.954.5505

Sotheby's International Realty 326 Grant Avenue Santa Fe, NM 87501

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