Making an Offer

When looking to place an offer on a home there are a few things to consider to ensure you are offering a fair price.  You don’t want to over pay…especially when the real estate market in Bend, Oregon is seeing home prices at such lows.  But you also don’t want to insult the seller with a severely undercut price.  There are a couple of resources that are available to aid in determining the proper value of a home.

Recent Sales Information and Reports

Ask your Bend Oregon Realtor to provide a comprehensive report of homes that have sold in the last few months in the neighborhood that you are looking.  The reports will include the listing and selling price for each home that has recently sold.  This information can be very useful and can assist you in finding the average difference in the listing price tag and the actual selling price.  In some markets you will see people paying more than the listing price; and in others, it can be much less.  It really is dependent on the location in Central Oregon and the real estate trends in each specific area.  However, by studying these reports you will at least have a ballpark information to fall back on to make you feel more comfortable when making an offer.

Ask for an Independent Appraisal

If you need more information about a home (especially an older home) you may opt to have a professional appraiser look at the property before you make an offer to the seller.  A good rule of thumb is to select an appraiser that is completely independent of any third party involved in the sale.  This makes the appraiser a neutral party in the scenario and allows them to make a fair and honest report about the home and its condition.

After an appraisal by an independent party is completed and you want to move forward with making an offer, know that the lender will probably not accept this first appraisal.  They will most likely opt for a second appraisal report to be completed for compliance issues.  Either way, the original appraisal report will contain vital information that will assist you in making a knowledgeable and confident decision about whether or not you want to move forward in making an offer on a Bend OR Property.

In this appraisal report you can expect to find information about homes and properties in the surrounding area.  There will be a list of at least 3 properties that are comparable to the one you are interested in and a brief overview of the Bend Oregon housing market at the time of appraisal.  The report will also include potential dangerous attributes or problems with the home and items to keep in mind when thinking about making a purchase.  If the home is outdated and needs to be remodeled, are you prepared to make the time and monetary investment to bring the home up to date?  If the home has some structural issues that need to be taken care of should you include this discount in your offer?  These are just a couple of questions that will arise when looking at an appraisal report.  An independent appraisal will most likely not be required, unless you are purchasing using a loan.  But know that as a buyer, you have this right.

Know Your Realtor

A buyer’s agent and a seller’s agent both have their own party’s best interest in mind when making a Bend Oregon real estate transaction.  If you are a buyer working with the selling agent, know that you will not get much help from the realtor because he or she is attempting to get the highest price possible for their client.   However, if you are working with the buying agent, know that they have your best interest in mind and can often be quite helpful in crafting an acceptable offer to the seller.  Local and state laws can also have an important role in the agent’s ability to move you through the buying process.  Ask your agent about whether they are a seller’s or buyer’s agent and what laws are in effect that could inhibit your agent’s ability to help you in the buying process.

For more information on this topic or the Bend Oregon real estate market, contact Teri Green today at 541-350-8424 or email her at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Sincerely, 

TERI GREEN

Bend Oregon Real Estate – Senior Real Estate Specialist
The Hasson Company