Once you’ve found a house you are interested in buying, it’s difficult to know when to make an offer. If you like the Santa Cruz home, there are likely other buyers who like it too. You’re not the only one who can spot a good buy. If you take too long to make a bid, someone else could beat you to the prize.
If the property you are looking at is in good condition, priced right and is in a good location, it will likely be snapped up quickly. This means that you should place your offer as soon as possible — as long as you have cancellation rights.
Advantages of immediately making an offer
Of course, the main advantage of placing a bid quickly is to prevent anyone else from buying the [city} home that you love. The seller may accept your offer and although they can accept a backup offer, this is only valid if your contract fails to close.
If you make the first offer, you will be able to negotiate on the price and terms of buying the property. You can even try making a lowball offer. But if there are already multiple offers on the house, your ability to negotiate is limited. Even if there are other buyers, they will generally lose interest if the seller accepts your offer, which means then you are free to renegotiate after the house inspection.
Disadvantages of immediately making an offer
There are also disadvantages to immediately putting in an offer on a property. For example, if you are deciding between two different properties and you get into a contract on the first one, the second one might not still be available if you change your mind. Also, your earnest money deposit will not be returned automatically. Another disadvantage is that you will have likely paid inspection and appraisal fees, which are usually non-refundable.
However, if you have really found the perfect house, submitting an offer quickly will leave you with little doubt that you did everything you could to not let it slip through your fingers. To find out more about finding the perfect Santa Cruz home, call me at 831.662.6522 and email me at Lauren@LaurenSpencer.com.