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Writing an Offer

Writing an Offer on a Home in Eagle Mountain, Utah

A buyer’s market in real estate means that there are a lot more homes for sale than there are buyers. In a buyer’s market, the buyer is in a very good position to negotiate with sellers and come up with a very good deal on a home.  Here are some tips you can use when you are writing an offer on a home in Eagle Mountain, UT.

Before you write an offer to purchase a home in Eagle Mountain make sure you take one more look at the active and sold comparable listing on the MLS. Compare homes like the one you are buying to homes that have recently sold in the last six months. You should also look for active listings and those that are pending sales.

This data will help you determine how much you should offer for the home in Eagle Mountain and you can use it as a negotiating tool too before writing an offer on a home. Request a daily list of Homes for sale in Eagle Mountain from Team Teasdale Realty.

writing an offer

Look for Price Reductions in Eagle Mountain, Utah

A buyer will have better leverage negotiating with a seller who has already reduced the price on his listing in Eagle Mountain, UT or one that has a long DOM (Days on Market). Ask your Realtor what the DOM of the listing is prior to writing an offer on a home in Eagle Mountain, Utah.

A seller with a property that has a DOM of more than 90 days usually is more receptive to negotiating their price.  A home that just landed on the market tends to be more firm with the price. Sellers tend to list their homes a little high at the beginning of a listing.

Contingencies in Offers on Homes in Eagle Mountain, Utah

Since you are in a buyer’s market, you will have more control over the transaction than the seller.  Thus, you can add a contingency clause in your offer. Make your offer contingent upon getting an appraisal equal to the purchase price or greater than the purchase price. Make your offer contingent upon financing. It is normal to ask for an appraisal and financing contingency deadline.

It is very common to also ask for a due diligence period to inspect the home. This is typically around 10-14 days. All these contingencies are very common on homes in Utah County.  You can even include contingencies regarding physical inspections of the property, insect and pest reports, geological reports, and title approval.  You should of course consult your Realtor about how to include contingencies prior to making an offer on a home in Eagle Mountain, Utah.

Ask for Allowances on the home in Eagle Mountain, Utah

If you happen to find the right home in Eagle Mountain, UT but you have some reservations about it – you don’t like the paint job, the carpeting, etc. – you can ask for some sort of allowance from the seller.  For example, if you don’t like the paint job, you can ask for a “paint allowance”.  It is very important though that you consult with your lender about how you should include this kind of clause in your purchase offer.

A buyer should be able to write an offer on a home in a way that will be accepted by the lender.  You can even ask for an allowance that will cover more than the repainting job would actually cost.  Remember, it is an extra hassle on your part to get a repainting job done.  Some lenders will not allow allowances on homes.  This was more commonly done before the real estate meltdown five years ago. You must check with your lender prior to asking for an allowance.

Put yourself in an excellent position to negotiate on a home in Eagle Mountain, Utah.  Hire  a Realtor to help you write up an offer on a home in Utah County.  Call Team Teasdale Realty they work in the Eagle Mountain area and would be happy to serve you.

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