The Pros and Cons of Making an Immediate Offer on a Charlotte Home

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 Charlotte home, there are likely other buyers who like it as well. You’re not the only one who can spot a good buy OR a great house. In today’s market, if you take too long to make a bid, someone else WILL 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 — or, as I said, someone else WILL.

Advantages of immediately making an Offer

Of course, the main advantage of placing a bid quickly is to prevent anyone else from buying the Charlotte 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. However, if there are already multiple Offers on the table, your ability to negotiate is quite limited. Remember, the early bird catches the worm!

Disadvantages of immediately making an Offer

There are also disadvantages to immediately putting in an Offer on a property. For example, if you are torn between two different properties and you find yourself under Contract on the first one, the second one may just not be available to you should you change your mind. Also, you will lose your Due Diligence fee, which will not be returned to you should you walk from the first Contract. Another disadvantage is that you will have likely paid inspection and appraisal fees, which are 100% non-refundable.

If you think you have found the perfect house, submit an Offer quickly. This will leave you with little doubt that you did everything you could to not let this home slip through your fingertips. To find out more about finding the perfect Charlotte home, call me at (704) 491-3310 or email me at SavvyBroker@me.com.