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Making a Winning Home Offer

October 24, 2014

making an offer on a homeFinding a home in Chicago and making the right offer can be a complicated process. No one wants to pay any more than necessary, and when you take into account the fact that buying a home is likely the biggest purchase of one’s life, it also becomes a very emotional process. Don’t let yourself become overwhelmed with the process of making a winning offer with these helpful tips from the real estate pros at the Equifax Finance blog in the recent article, “

How Much Should You Offer on a House?

First, do your homework on the market value, market trends and the home itself to come up with a price range that you’re comfortable with. The article recommends approaching the process as if your first offer will be your best offer and to not assume that the seller will make a counter-offer.

The article reminds buyers to stay within the price range for which they are pre-approved. If your offer is much more than the appraised value of the home, your lender will only finance the appraised value and you could lose the home.

While you should take the home’s value, market trends and the home itself into consideration first, you should also keep the asking price in mind, and adjust your offer based on your research and the length of time that the home has been on the market.

Remember that the terms of your offer can sweeten your deal: take into consideration closing date, closing costs, the cost of repairs that come up in the inspection, etc.

Read the full article on the Equifax Finance blog to learn more about assessing market value, market trends and the home. The blog also has many other helpful real estate articles as well as articles on a range of other personal finance topics, from retirement to identity theft protection to credit and much more.

About The Author

Amanda Winters

Read All Stories By Amanda Winters

Amanda Winters joined the mRELEVANCE team in 2007 as an account manager focusing on real estate clients. With extensive experience in the homebuilding industry, having served as the communications representative at a nonprofit that builds housing for the homeless, she is a perfect fit for the team.

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