A Coastal Delaware home might be the right match for your family. Do you prefer living by the water? Do you want a low-maintenance house? Of course, desiring to live near the coast and finding the right property are two different things. But while the search can be difficult, it’s possible to find the home of your dreams. And when you do, making a good offer on the property can put you a step ahead of the competition.
This is prime real estate. The more you know about the basics of making an offer on a Coastal Delaware home, the better your odds of acquiring a property.
1. Offer a fair price for the property.
It goes without saying, a low-ball offer isn’t going to get you anywhere with sellers. In many cases, they need to sell the house for a certain amount just to break even. And if you come in with a super low offer, this might not only offend the seller, but waste everyone’s time and energy.
Be realistic. If the seller is asking $200,000 for a condo, don’t submit an offer for $170,000 unless you and your REALTOR sincerely believe that this is a fair price. Not that you have to submit the full asking price. If the seller is motivated, and if the house has been on the market for an extended period, $10,000 under the asking price might be fair.
2. Listen to the expert’s advice.
Like many buyers, you probably have little real estate knowledge. However, this can be an emotional process. As such, you may feel that your REALTOR isn’t offering the best advice. And if you don’t want to hear what they say, you may go against their advice.
Understand that your real estate agent puts in a lot of time helping you find the right property. It’s in their best interest for the home to sell, and they don't want to sabotage the deal. The truth is, you don’t know as much as your agent. The agent knows how to write a contract - they likely do this all the time. Thus, they knows what to include, and what to leave out.
3. Be careful with contingencies.
Even if a home seller is motivated, asking for too many extras might cause you to lose out. Contingencies are part of the process, and asking the seller to make obvious repairs and maintenance are within reason. You might even ask the seller to help with your closing costs, or state that the sale is contingent on a satisfactory home inspection. But if you start getting crazy and asking for the moon - such as new kitchens and bathrooms - there’s a chance that the seller will pass on your offer.
Remember, most sellers don’t have a lot of extra cash, and most of the proceeds from the sale of the home have to go toward a down payment on their new place. Plus, at most settlements, the seller pays half of the transfer tax and the real estate agent's commission.