The Art Of Making An Offer On Your First Knoxville Home

After looking at countless Knoxville homes for sale, you’ve finally found the perfect one for you.  Now, it’s time to get down to business and write an offer.

Writing an offer can be a bit of an art, especially in the current seller’s market. You want to be sure that your offer gets you everything you want (including the best price and closing costs), while still minding what outcomes the seller might want.

Here is a look into the art of writing an offer on your first Knoxville home and what factors can tilt the odds in your favor to get your offer accepted.

Price

Obviously, price is a big thing when it comes to writing an offer on your first Knoxville home, especially in a seller’s market. With such a low inventory of homes on the Knoxville market, it is likely there are other buyers considering writing an offer on the home you want to buy.

So, when it comes to writing an offer on your first home, you don’t want to go in with a lowball offer. Many sellers are receiving full price offers right out of the gate, so you don’t want to lose a home to see if there’s some negotiation room. Also, if you’re asking for closing costs, you may want to up the price to cover your closing costs.

If your unsure what to do with price, be sure to talk with your realtor, they can advise you on what can be a good offering price, based on things that have sold in the area recently.

Additional Items

If you’re like most first time buyers, you’re likely going to ask for some additional items from the seller. Things like closing costs, a home warranty, or appliances are all common things that many first time home buyers ask for in an offer.

In a competitive market, additional items can be sometimes be the little things that cause a seller not to accept an offer. While there are certain things you may not be able to live without, consider if there is anything that you can possibly give up. Those little things can add up quickly for a seller.

Pre-Approval Letter

It can also be helpful to show a seller that you are a qualified buyer by submitting a pre-approval letter with an offer. In addition, it is helpful to submit a letter that is from a local lender and that has been dated within a week of writing the offer.

This shows a seller that you are a strong buyer and gives them confidence that the deal will not fall through.

Close Date

Another important aspect of your offer is the closing date that your select. A majority of sellers will want to close within 30 to 45 days, so they can move on with their lives. But, it all really depends on your seller.

If you have some flexibility, have your realtor feel out the sellers situation, so you can consider picking a close date that will help the seller out.