Crafting the offer that will get you the house

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This article was originally published in The Galveston County Daily News on 2/16 as part of my weekly 2019 column.

You've found the right house!

Now to craft the right offer. It's simple if you follow a few steps.

First, know your limits. Pay attention to your Galveston Realtor's advice on price, contingencies, and other terms of your offer. It should be mutually beneficial. The more you collaborate and communicate the more quickly you will be able to move.
That being said, it is your money and your limits. You know what you can or are willing to spend.

Buying a home takes mixing strong emotions and business savvy, so now is the time to figure out your “must haves”. Have a top limit as you want to continue to travel? Hold to it.

Want to change the exterior of the house? Be sure to understand the rules if you are in an Historic or Conservation District. If you are looking at a condo, be sure to check the HOA rules in case you want a pet as there may be a weight or number limit, and be sure to ask about the reserves to avoid a hefty and surprising special assessment.

Be sure that you understand the offer you are writing. Maybe even read the appropriate forms in advance. What could it hurt? Your agent will have online copies available for you to review. It might be boring, but you really need to know what you are signing.

Work on setting your offering price. Your agent can help you understand the current market by running comparable sales of properties similar to the one you are interested in. Galveston Realtors watch the market and should be the best resource to write that offering price. It really doesn't make much difference if it's a buyer's market or a seller's market. Galveston Island (and I stress the word “island”) has a finite number of properties on the market, so there may be other considerations you need to take into account.

Get all the disclosed information that you can, and then make your offer. Maybe not your absolute best offer, but your Realtor will have suggestions as to how to write the offer in a manner to make it more appealing. Have your lender approval ready so you can be taken seriously from the outset.

What other things should you consider? A higher offering price with quicker, more likely closing will surely be more appealing. If you feel you must offer far less than the asking price, then for heaven's sake don't also ask for the title policy, the survey, the furnishings, and closing costs! Even in a buyer's market some concessions will have to be made.

You should remember the requirements others have that will influence your property choice. Your lends and the governmental agencies that guarantee the loan you may be getting have their standards as well and your chosen property will need to meet them if you want to get the loan.

Finally, be patient. The best negotiations end with both parties satisfied, if not an outright winner and loser. Buying a house is not a zero-sum game. Both parties may have to give a little, so be prepared for that.