When should we make an offer on a home?

Question

My husband and I went to an open house yesterday, and we're thinking about making an offer on the home. We'd like to wait until our agent sees the house (in a couple of days) before making an offer in order to get her advice. We've been looking just south of Boston, MA for a couple of months, and while it's not a hot market here, we lost another house due to various other bids received by buyers on the same day of the open house. The house has been on the market for about a week, and there was another couple who seemed to be seriously discussing the house when we went by. We're attractive buyers (pre-approved for a mortgage, no house to sell), but we don't want to miss out on the house if someone makes an offer before we do. Suggestions? Thank you!

Answer 1

Call your agent and tell her to view the home with you same day and help determine an offer price.  She should provide written comparables to assist in pricing.  If she's can't make it within 24 hours, ask her to refer another agent from her office.  It's one thing to schedule a sight seeing tour several days out, but a buyer who wants to write an offer and could lose the house deserves priority attention...imho

Answer 2

Excellent question...never say you missed out on a home if you were outbid. Going out of your price range i.e, comfort zone is a big mistake. The best time to make an offer is when you are ready. Please ask to see a place a few times before you make a formal offer. Let the owner know that the offer is pending an inspection. It stinks to move in a place knowing their are more than a few minor issues. Tell your inspector to make sure everything is up to code. good luck