More people are looking for Isle of Palms real estate these days, and that means more competition when making a bid. So how do you make a bid that is high enough to get accepted, low enough to have no regrets, and leaves you with the money you'll need for repairs? Here are some tips from us at Carolina One:
Go with the facts, not your feelings
It's easy to fall in love with a house, and in theory that's the home you should buy. After all, you'll be happiest there, right? Well, that's not necessarily true if you overpay or turn a blind eye to expensive repairs that need to be done. When dealing with real estate, it's best to make decisions squarely based on the facts, and to tread very carefully if you find yourself falling head over heels from for a place. To make an intelligent bid, you have to be willing to (potentially) lose the house in question rather than overpay. There is enough beautiful Isle of Palms real estate that if you miss out on one house, you will find another.
Hire a home inspector—and ask them questions
For most buyers, hiring a home inspector is standard practice, and for good reason. An inspector represents a minor up-front cost for you (usually about $200) but can give you valuable information on the condition of the home and potential future (or existing) problems that you might not have noticed on your own. However, you'll learn more if you accompany your inspector on the walk through and ask questions as you go. Bear in mind that inspectors have a standard checklist, and it's as important to ask what they do and don't look for as it is to get the results themselves. All of this information will help inform a good bid.
Verify the property boundaries
One thing that can turn a dream house into a nightmare is if the property boundaries are wrong, if neighbors misunderstand them, or if there is a dispute. Take the extra time to go out and look for the property marker. Do fences or boundaries align with it? Do the real lot dimensions match what the listing says? Are there any active disputes with neighbors? These are things you can confirm before you offer a price.
Don't lowball (usually)
The big myth among home buyers is that you should start low. That's true, but go too low and you're just going to lose the house to someone else. Sellers know what the house is worth at least as well as you do, and in most market conditions they just aren't going to go for a lowball offer. That said, if you have good reason to go low (such as a major flaw found in the inspection) or if the house has been on the market a long time, it's worth a try.
If you have other questions about the bidding and buying process, contact us at Carolina One today! Our expert real estate agents have the experience to help you get the home of your dreams – for a price you can handle.