There are many things to consider when it comes to making an offer on a house, so consider the following.
- Are there other similar homes that have sold recently in the area or that are also on the market?
- How long has the house been on the market? If it has been on the market for a long time, you probably will be able to negotiate the price more.
- Are you competing with other offers? If there are multiple offers on the table, you will have to submit your highest and best offer if you really like the home.
- Does the house require any repairs or renovations? Keep these costs in mind as you determine your offer price.
Can I Offer More Than What I Am Pre-Approved For?
You can but you should check with the lender first to see if it is a good idea. They can also make an updated pre-approval for you if you qualify for the more expensive home.