Avoid These Errors When Submitting an Offer on a House

When you begin shopping around for a new home and find a property that meets your needs, the next step that you’ll need to make is to put an offer on the house. Although it may seem like a simple task, it can be a tricky process and can even turn the buyer off if your offer is too low. Here are a few mistakes to avoid making when putting an offer on a house.

house offer errors

Submitting a Lowball Offer

Although you may want to save as much money as possible when purchasing a house, you can offend the sellers if your offer is too low. If you make a lowball offer, you’re communicating that you don’t think the house is worth more than the price you submit. Buying a house isn’t the same as when you haggle at a flea market. The offer that you make should be supported by sales data to ensure that it’s both fair and accurate.

Not Getting Approved for a Loan

Failing to get preapproved for a loan in advance will make the seller take a different offer because they won’t trust that you have the money to back up the offer. Make it a point to find the best loan officer in Las Vegas in advance to ensure that you can go through the process of getting the loan without feeling rushed. Ultimately, this can prevent you from losing the house to another buyer that is already preapproved.

Too Many Contingencies

Although it’s normal to have changes that you want to be made on the property before you purchase it or if you want an inspection to be performed, you can make the mistake of having too many contingencies for the seller. Keep in mind that each contingency is an obstacle and will prolong the process of closing on the house. Be willing to waive a few contingencies to avoid losing out on the property. (Read on how to increase your chance of getting a home loan.)