10 Things To Do Before Making An Offer On A Property

Buying a house is a big deal and is not something you can or should do on a whim. It requires research, patience, and adhering to a specific process to ensure you’re making a wise decision that will be beneficial to you and your family. If you think you’ve found your dream home and are ready to make an offer, run down this checklist to make sure you’ve taken these 10 key steps to avoid headaches and heartache down the road.

1. Research the area

You love the home, but have you really done your research in the area? That doesn’t just mean driving around the neighborhood and planning your commute. Your surroundings and local laws can have as much or greater impact on your quality of life down the road. Have you met the neighbors? Have you looked into the schools, tax rates, and local politics? This might be extraneous in some parts of Miami, but you should consider the crime rate, nearest hospitals, libraries, grocery stores, and other community metrics. Remember you’re committing to the area, not just the house.

2. Take a tour

This should probably go without saying, but buying a house “as is” without walking through could be a dangerous move. Make sure you schedule at least two walk- throughs of the property to check out exactly what you’re buying. If possible, bring someone else with you so you have a fresh set of eyes to look over the property. Before you make your final offer, take one last look to make sure you’re not missing anything.

3. Visit often

Not only should you tour the inside, but we recommend touring the area multiple times. Before you make an offer, visit the home at different times of the day and different days of the week to get a feel for the traffic conditions and commute times. If you’re only visiting on the weekends, you won’t get a realistic idea of traffic conditions during rush hour or when the nearby school is dismissed in the afternoons.

4. Understand the utilities

Once you make the offer, you’re committing to paying more than just the mortgage. Ask the sellers for an estimate about what the monthly utility expenses are so you can have a rough idea about what you’ll be paying on top of the mortgage each month. You should inquire about trash collection, telecommunications, wastewater, and other infrastructure issues.

5. Finalize financing

Unless you’re presenting an all-cash offer, you’ll need to work with the bank to get the financing you need to buy the property. Find the best interest rate, and do what you can to improve your credit score in order to be set up financially to pay the mortgage each month. Before you even start house hunting, get pre-approved for credit to find out exactly how much the bank will give you.  

6. Get to know the neighbors

As we said before, you should say hello to the neighbors, but this is important. There are enough horror stories of bad neighbors — you don’t want one of your own. Before you make an offer, talk to the neighbors and see if they’re people you’d enjoy living next to. But perhaps more importantly, they can be a great resource for you now and in the future. Ask them what they think of the area and if they’ve noticed any structural damage to your potential new home in the last few years. Getting the inside scoop from people who are established in the area is a great way to make sure you’re making the right decision when you put in your offer.

7. Review the seller’s disclosure

In many transactions in Florida, the seller is required to provide a “seller’s disclosure” to serious buyers that lists all of the improvements, maintenance issues, and upgrades that have been done on the property over the course of their ownership. This gives you, the buyer, a realistic idea of what has been done and what issues may need to be addressed once the home is yours. It’s best to have a buyer’s agent representing you to help make sure the disclosure is accurate and to make sure you understand Florida law surrounding seller’s disclosures.

8. Schedule an inspection

Although doing a walk through yourself is a smart decision, hiring a professional to conduct a thorough review of the property should be considered mandatory best practice. Inspections cost about $300-500 but will give you peace of mind that there aren’t any lurking issues that are going to pop up and cause you problems in the near future.

9. Have a Plan B

Putting in an offer is an exciting time because it means you’ve fallen in love with a property and are ready to move to the next level. But like all relationships, sometimes things just don’t work out and it’s time to move on. Don’t make an offer on the first home you see (even if you love it) before doing research on a few other properties. Have a backup plan before you make an offer so that if something falls through, you aren’t back to square one — or heartbroken.

10. Get a lawyer

Making an offer, buying a house, and doing basically anything that involves a major real estate process is best done with the help of an expert. And not necessarily just a Realtor. Talking to a lawyer about the details of your purchase will help you better understand the process and make sure you’re getting the best terms for the home. A lawyer can also help you with paperwork and contracts required to close the deal. Even if you already have a great Realtor, consulting a lawyer can give you extra peace of mind. Putting an offer in on a home is an exciting step in the home-buying process but not one you should rush into. Taking the time to make sure you’re paying attention to details and have all of the information to make a smart decision will save you stress (and money) in the long run and allow you to make an offer on your dream home with confidence.

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