| Are you in the market for buying a new home? Have | | | | fall through? If there wereoffers that were rejected, |
| you found a home you likeand are thinking about | | | | don't worry. This does not mean that your offer |
| placing a bid? Before you do, there are a series | | | | isgoing to be declined. The owner may have changed |
| ofcritical questions you should ask. You should ask | | | | their mind-set as to what theyexpect to get for their |
| not only the homeowner, butthe realtor as well. It is | | | | house and will be willing to accept a previouslydeclined |
| likely that you will get different answers from both. | | | | bid. |
| However, you should be able to grasp a solid idea of | | | | How long have the current sellers been the owners |
| what the truth actually isbased on the information | | | | of thehouse? |
| you receive from both sources. Answers to | | | | If the owners have only been in the house for a few |
| thesequestions will not only allow you to decide | | | | years, say three orfour, then there is likely less room |
| whether or not to make a bid, buthow much you | | | | for negotiating a sale price. This isbecause the price |
| should offer | | | | they bought the property for is not going to be |
| Below are the question to ask... | | | | much differentthat what they are asking. However, if |
| Approximately how long has the house been on the | | | | they did home improvements to the house,then they |
| market? | | | | will be able to get more money. How much more will |
| If the house has been on the market for a long time, | | | | depend on how muchwork and what kind. |
| it is likely that theseller is having a hard time selling | | | | If the owners have owned the home for a long time, |
| the home. This can be a result of a badmarket, or | | | | then thereis a great deal of room for negotiating the |
| because their price is just too high. Therefore, always | | | | price. The price they originallypaid is going to be very |
| start with alow bid. | | | | different than today's market. Their profits are |
| Have there been any price reductions to the asking | | | | goingto be high regardless. Its just a matter of what |
| sale price? | | | | they are willing to accept. |
| Reductions usually mean that the seller is very eager | | | | Have any home improvements been made to the |
| to sell the house andhas become more aggressive by | | | | residence? |
| lowering their asking price. It is likely thatthey are also | | | | This will affect the sale price. However, some home |
| recalculating the actual worth of their home. | | | | improvements are goingto be valuable to some, but |
| Have there been any offers made on the house | | | | not others. For example, new windows will |
| already? How many? What happened to these | | | | increasethe value of a home no matter who is |
| offers? | | | | buying. On the contrary, a new pool will beworth as |
| If the answer is 'yes, there have been offers made', | | | | much as it is considered valuable to the buyer. |
| find out what happened. | | | | Learn more about the process of making an offer on |
| Were these offers declined? Accepted? Did the deal | | | | a new home purchase. |