Writing an offer on a house in Central Indiana? 3 decisions to make before 9 pm

People show up to an offer with one number. There are a dozen terms you can use. Every term is worth more to one side than it costs the other. That gap is where deals get made.

1. The cheap term. A 14-day close may cost a cash buyer nothing, but be worth a TON to a seller carrying two mortgages. A later possession date might cost a seller little, but save a buyer a month of rent AND a mortgage. Two offers, same price: one closes in 14 days, one in 30. Which would you take?

2. Decide before tours. Deciding offer terms at 9 pm is like picking out a wedding ring during the ceremony.

• Inspection period: shorter is stronger, but can your inspector get in?
• Closing timeline: how fast can you, or your lender, actually close?
• Repairs: everything, or waive items under a set cost?
• Price vs terms: more for a later possession date? Less for a faster close?

Where the room is, by property:

• New construction: builders often protect the base price to protect their comps. Incentives, upgrades, and closing costs may be the room.
• Older home: your repair line. Decide what you’ll let go before the report lands.
• Acreage: write the inspection period long enough for well and septic.
• Condo or townhome: build time to read the HOA documents into the contract.

3. Overpay on purpose, or not at all. Every month you pay a mortgage on an overpriced asset, you pay for a pricing mistake. It’s not your job to teach a seller what their place is worth. If you want it but it’s overpriced, send the offer and let time do the work.

4. The trapped party. An inspection response was due at midnight. No response meant acceptance. We gave the other side 24 hours anyway. My buyer got 22% off list price at closing. A trapped party looks for an exit. A party that owns the decision holds the deal together.

What would make the next 3 years the best of your life so far?

Want to talk about your house together? nlamkin@c21scheetz.com

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