What are the best practices for making a real estate offer?


Quick Answer

In order to make the best real estate offer, analyze the health of the real estate market, the condition of the property, the attractiveness of the neighborhood and the sale price of nearby properties. Consider other factors such as the resale potential of the real estate as well. Estimates from appraisers as to the real estate's market value are a valuable tool when making an offer on a property.

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Full Answer

When making an offer, consider including contingencies that must be met before the offer is official. For example, the property must pass an inspection by a neutral third party. If the contingencies are not met by the selling party, the buyer may withdraw the offer and is under no obligation to continue forward with the real estate purchase.

Another best practice is consulting an attorney before making the offer official. An attorney protects the buyer by ensuring the terms of the contract are fair and lawful.

Once an official offer is made, the seller has the option to ask for a sum of money as a deposit to display that the offer is sincere. This sum of money is deducted from the price of the real estate once the offer is accepted.

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