Offering To Purchase Real Estate The Basics

Dated: 04/08/2017

Views: 81

Image titleThe very first part of buying real estate in Virginia Beach, Norfolk is to put an offer on the house, but how exactly does this work?  In order to answer this question, let's look into the processes that happen when putting an offer on a home that is for sale.  By understanding the components to the process, you will be able to better understand the basics when it comes to putting an offer on a property that is for sale.

The way that offers are created and submitted is by using a form called a real estate purchase contract (REPC).  This contract is the standing and binding contract that makes the sale process of a home official once both parties sign the form.  The REPC can be as complex or as simple as you want it to be.  Because of this, it is always a good idea to have a buyer's agent hired that can help you to write up a good offer. your real estate agent will be able to know how to properly right up the offer on the REPC in order to protect your best interest and to help you get the best price on the home.

The next basic that we need to talk about is being realistic.  Too often first time buyers will have their agents offer a ridiculously low price on the home they are buying.  This acts like a slap to the face to a seller, so make sure that the offer that you are putting in actually has some merit and is close to the figure that they are asking for the house.  The best way to know how much to offer is by having your real estate agent do a cost market analysis.  This means that they will look over all of the homes that have sold within the last 6 months that match the size of the home you are looking at.  This average price should be the going rate of the house that you are trying to buy.  Make sure to offer a price that is close to this average price so that the sellers can meet you half way.

The last part of offering on a house is to deal with counter offers.  Most of the time the seller will counter back at a higher price.  When this happens, it is important to create another counter offer that is closer to the offer they came back with.  Buying a home is a give and take scenario, and it should be fair for both parties.

Chris Carlson is a award winning HRRA "Circle of Excellence" Realtor serving the Virginia Beach/Norfolk areas of Virginia. Chris is a Top Producing Multi-million dollar buyer's agent that utilizes the latest technologies, market research and aggressive business strategies to exceed your expectations. If you're searching for a home in the Virginia Beach / Norfolk area, set up a free account at http://HRRealtyPros.com today.

Blog author image

Chris & Carrie Carlson

Residing in Hampton Roads since 1985, Senior Real Estate Specialist -SRESĀ® Chris Carlson - recipient of multiple HRRA Circle of Excellence" awards, and USAF veteran. It's not about making the sale or....

Latest Blog Posts

Five Money Saving Green Upgrades

Going green is great for the environment, but that’s not the only benefit. When you make green upgrades in your home, it can also lead to some major savings.Solar panels: The upfront cost

Read More

Wegmans To Open in Virginia Beach! | Will Bring 500 New Jobs

Courtesy of CBS WTKR- Wegmans Food Markets is planning on opening at a coveted Virginia Beach location at the intersection of Virginia Beach and Independence Boulevards by the spring of 2019, and

Read More

How Do I Choose the Right Neighborhood?

Preparing to buy a new home? There are many factors to consider when selecting a neighborhood that is right for you.Below are just a few of the many factors, but you may think of others that are

Read More

Common Buyer Mistakes to Avoid: Part 2

This post is Part 2 of our "Common Buyer Mistakes to Avoid," designed to unpack the insight you need to find the right home and succeed like a pro in the process. (If you missed Part 1, click

Read More