Making the offer
Make yourself think like the seller. It helps you anticipate what the seller will accept in price, terms, and other conditions. By considering the seller's position, you will likely create an offer that is either accepted or strongly considered.
Your offer should be clear on the terms, closing dates, repair requests or other conditions the seller needs to meet and it should be accompanied by a letter from your lender that you are preapproved to buy the seller's home. Include a cover letter summarizing your strengths as a buyer in terms of creditworthiness, flexibility in closing, and the strength of the offer.
Don't insult the seller with an offer that's too low or requires too many concessions. The seller may be nostalgic about his or her life in the house and may not like the idea that you want to remodel.
The only thing a seller can't argue with is a strong set of comparables that show the home is overpriced or out of date. These are homes that have sold that are nearby (within two blocks) and similar in age, size and features. If you can show that a similar home has sold within the last two months for less than the seller is asking, that's good.
Be sure all conditions, repairs, etc. are agreed to in writing. Some sellers may feel that a handshake covers a promise, but it's essential to be clear on paper what is expected and when. A seller's promise to paint should be included as an addendum to the contract and include all details, such as primer, exact color and type of paint, how many coats, and when the work will be finished for inspection.
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