First home buyers enter the Oviedo real estate market need to know a few things before they make an offer. Actually, they need to prepare before they even begin looking at homes for sale in Oviedo. The last thing a buyer wants is to fall in love with a particular property in the Oviedo homes for sale listings and then find themselves unable to buy the place.
There are a lot of situations that may arise when buying homes for sale in Oviedo. However, home buyers who do the research and right preparation can improve their odds of getting their offer accepted.
3 Steps to Take Before Making an Offer
1) Get Preapproved for a Loan
Preapproval is one of the best things a first time home buyer should do if they want their offer to be taken seriously by a seller.
Don’t get confused between a mortgage prequalification and a preapproval. A prequalification merely assesses a buyer’s credit, income, and assets based on what a home buyer tells a lender to determine what type of mortgage a buyer may be able to get. It doesn’t mean a buyer will get it.
When a home buyer is preapproved, it means they have been thoroughly vetted by a lender. A credit report is run and income and assets verified. Remember that a preapproval is only valid for a set amount of time. Typically, it’s about 120 days or 4 months. Once a preapproval letter is received, buyers looking at homes for sale in Oviedo need to begin their home search quickly with a real estate sales professional at Berkshire Hathaway HomeServices Florida Realty.
2) Review the Comps
Comparable sales or “comps” basically compare homes for sale in Oviedo with closed sales in the same neighborhood or area. This information gives those interested an idea of what property is actually worth. Comps look at features of each property including size, the age of the house, square footage, and sale price.
Your Berkshire Hathaway HomeServices Florida Realty sales professional can provide you with this data. This simple check will help gauge the home’s value but the home’s true value will be officially determined by the appraisal.
Home buyers should be looking at homes that are undervalued in a neighborhood versus overvalued for the best investment potential.
3) Careful About Lowball Offers
There are negotiations that do go one in real estate; however, buyers need to be careful about putting forth a lowball offer. If the Oviedo real estate listing mentions that the seller is highly motivated, then you might consider offering less than 7 percent below the asking price. But you really should talk to your Berkshire Hathaway HomeServices Florida Realty professional who can give you a better idea about what kind of sales price might be accepted. A good rule of thumb is to make an offer not less 5 percent of the list price, but depending on the real estate market, neighborhood, and seller’s motivation can change this a lot.
Now Start Searching Homes for Sale in Oviedo
Start the process in finding your perfect Oviedo real estate by talking to a Berkshire Hathaway HomeServices Florida Realty Oviedo realtor who can answer your questions and help you every step of the way.
