Avoid getting caught up in the heat of the moment. You're making a contract to purchase a home, which will legally bind you if the seller accepts. You also will submit a deposit with your offer, which is only refundable under certain conditions.
Find out about:
> Current market conditions.
The more demand there is for housing, the more you can expect to pay.
> Prices of comparable homes sold in the area recently.
The range varies, so get up-to-date figures. Liz Sidorowicz at LizsHomes.com can definately assist you with your market analysis by providing you with up-to-date figures.
> Current value of the home.
Work with your agent Liz Sidorowicz to get a list of recent sales of similar properties in the neighborhood.
> The seller's motivation.
In cases such as divorce or relocation, the seller may settle for a lower price in exchange for a quicker sale.
The seller may accept, reject or counter within hours or days, depending on the quality of your offer and the seller's desire to sell. You can then accept the counteroffer or "counter the counter." Once the seller accepts, a third party (a lawyer or an escrow or title company) completes the transaction with your lender.
> Always make an offer within your ability to pay.
> To strengthen your offer, include a letter of pre-approval from a lender.
> Attach standard contingencies, or conditions, to your offer.
> You usually have to include a deposit with your offer, to be applied to the down payment if the deal goes through.