Spring home buying season is in full swing and buyers are out in full force looking at homes for sale in South Lake Tahoe. If you are one of them, and this is your first time, you may be wondering how to make an offer once you have found that dream real estate in South Lake Tahoe. If you have chosen an experienced South Lake Tahoe realtor, you can rest assured that they can guide you through the entire process. But, if you are just in the preliminary stages, you came to the right spot. First you will want to get pre-approved. This helps you figure out your budget on what you can spend on South Lake Tahoe homes for sale. This is crucial for a few reasons: It keeps you from wasting your time (and everybody else’s) looking at homes for sale in South Lake Tahoe that you cannot afford. It tells home owners that you are serious about buying because you already have the financing. It also shortens the closing process because a lot of the paperwork in regards to financing has been done. But if it is time to make an offer, read on to see how it works.
Typically your South Lake Tahoe realtor will help you draft a competitive offer and then present it to the sellers realtor in South Lake Tahoe. From here, the owner will either counter, accept or reject. If they counter, which they likely will, the realtors will help both parties negotiate terms that are agreeable and then move forward. Or not, depending.
Part of the offer, and usually counter, is the offer price. In a seller’s market, lowballing is a bad idea so you will want to make an offer that waives as many contingencies and is inline with market value. In really tight seller’s market, homes are selling in days well over asking with multiple offers. In a buyer’s market, you can come in a small percentage lower depending on the scenario. Your agent will help you with this one, but usually you have more wiggle room when the inventory is plentiful and the demand is low.
Inspections are another big part of making an offer on real estate in South Lake Tahoe. You want to know you are getting a home that isn’t going to be a money pit or a total head ache. Inspections help you get a good idea of what you are getting yourself into. From making sure the wiring isn’t faulty to making sure the title is clean, these contingencies and inspection gives buyers confidence. If an inspection report comes back with bad news on the foundation, mold, pests, etc. the clients will go back to the drawing board with their respective realtors and draft a new offer. Sometimes the seller will close for less, add in a buyer credit or make the necessary repairs and close at the agreed upon original price. Btw, buyers can attend these inspections. As can their realtors. Once the show is back on the road, you are one step closer to being a homeowner!
