In this installment of Ask an Encinitas Realtor, we will be looking at some of the questions I most frequently get asked regarding buying homes in Encinitas.
Is It Advisable to Start with a Low Offer on a Home?
The answer to this question is entirely dependent on many factors and it can’t be said that as a rule you should try to make a low offer on a home you want to buy.
Currently, with inventory low and fewer homes on the market consisting of distressed sales, making a legitimate offer at or even above full price is the advisable route to have a chance at getting the home you really want.
However, there are considerations that you should take into account regarding the price you offer:
- If you are making an all cash offer you may be able to lower your price on the offer and have it be attractive to the seller.
- If the sale is based on a contingency such as the purchase of the seller’s house going through you may also be able to procure a lower price.
- If there are significant repairs that are needed to the home that will not be addressed by the seller before the move you can also consider lowering your offer.
What Standard Contingencies Should I Expect?
The two most common types of contingencies on a home sale are a financing contingency and and inspection contingency. A financing contingency means that the sale of the home will be contingent on your ability to get a mortgage loan. An inspection contingency means that the sale of the home will go through once you have had an inspection performed on the home. For more information on contingencies you can read this article on avoiding real estate contract surprises.
If you have questions you would like to have answered by an Encinitas Realtor, send your queries to firstname.lastname@example.org and I will answer them in the blog.