How much to offer on a house in San Antonio is a hot topic in my family. My family relocated to San Antonio a few years ago. My wife and I had been long time Realtors in California. When we moved to Texas, we basically had to start over and take classes to get our Texas real estate licenses. We wanted to buy a home as soon as possible. It did not take long to find a home we liked.
How much to offer on a house in San Antonio
Even with our experience, we overpaid for our first Texas home! We found a home that fit what we were looking for. We called the Realtor’s office on the For Sale sign. Since we did not know the San Antonio values, nor have access to the San Antonio MLS (as we were still taking our classes to get our Real Estate License), we depended on the same Realtor that represented the Seller.
That was a mistake. Although the Realtor did nothing wrong, it was obvious, we felt we were not given any advice that would favor us. On our behalf, the Realtor contacted an independent Appraisal company. The Appraiser’s price came in at the same price we offered. That alone should have cautioned us, but we proceeded to close the deal.
How much to offer on a house in San Antonio
New Found Knowledge, too late. Soon afterward we got our Texas Real Estate Licenses and had access to the MLS and decided to review our Appraisal. We discovered that some of the comparable homes the Appraiser used were not from the subdivision we purchased in, but from another more expensive subdivision. That is how the sales price came in to the price we offered, on the Appraisal. The Appraisal influenced our offer. We figured we overpaid by as much as $10,000. We vowed to not let that happen to any clients we represent.
How much to offer on a house in San Antonio
Initial Thoughts… We recognize some homebuyers save money for a long time before purchasing a home. Often the home search process can take several weeks or longer. Then you finally find that home that works for you and you decide to make an offer. You are not sure how much to offer on a house in San Antonio.
Because if you offer:
• Offer too low: You may lose the chance to buy that home because another offer may come in higher or worse, because the seller gets upset and refuses to even consider your “too low” offer with any reply at all.
• Offer too high: When your offer is immediately accepted, You may wonder if you should have offered less.
How much to offer on a house in San Antonio
Suggested Research … You can ask the Seller’s Realtor for answers but I recommend you use a Buyer’s Agent to represent you. The more you know, the more confidence you will have about how much to offer on a house in San Antonio.
Helpful things to know:
• How long has the Seller been trying to sell?
If the home has been on the market a long time, has the price been reduced, or could there be problems with the house.
• How much does the Seller owe?
If the loan amount due is same as what you want to offer, you may be wasting your time.
• Why is the Seller selling?
Is it a necessary move, financial hardship, employment relocation?
• Does the Seller live in the house or is it vacant?
If home is vacant, and seller is paying mortgage out of pocket, could be a motivated Seller.
How much to offer on a house in San Antonio
Determine the Subdivision Values
Ask your Agent to provide you with comparable Sales within the Subdivision
• Comparable sales from 12 months ago
• Comparable sales from 6 months ago
• Comparable sales within 3 months ago
Determine if the neighborhood trend is stable, going up or going down?
How much to offer on a house in San Antonio
Do Your Homework and call Les Earls (210) 442-9886.
Unlike the mistakes I made, I encourage you to ask more questions, do your research, and use that knowledge to make your offer. This is not an exact science, but with the right information, you will know how much to offer on a house in San Antonio.
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