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Making an Offer on a New Home

If you have done your shopping for a new home, made all the comparisons, performed all the research, and have limited your choices to two or three homes, it's time to make an offer on the home of your future.  Making an offer on a new home can be a gut wrenching experience.  Paying the asking price may cost you money over the short-term, while offering too little may cost you the opportunity to purchase the home.

I remember buying our second home in Boca Raton, Florida.  we were new to the area and we were unsure of which area was safe for a family to live.  My wife and I spent more than a year getting to know the area and looking at homes, before we finally found a home that we fell in love with.  When it came time to make an offer, I offered 30% less than the asking price.  My wife was furious and kept asking me to call the seller back to offer more.  She was afraid that the ever-present "other buyer" would offer more and we would lose the home.  After a 14 day waiting game (after our offer was declined), the seller called and accepted our original offer.  We resold the house 18 months later for more than double our purchase price.

These occurrences happen very rarely, but in being cautious and using patience you will be happier in the long run.  There is always that "other buyer" waiting in the wings to snap up the home of your choice, just as there is another home that you like that you will be placing an offer on.  The seller is under more pressure to sell the home than the buyer is to buy a home.

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