Vocabulary
asking price
market value
on the market
condition
offer
similar
Purpose
To understand some of the considerations in making an offer
to buy.
Pre-reading activity
1. Have learners look at the illustration on this page and
ask them what the two prices are. Ask the class why they
think the prices are different. Tell the class that they
can make an offer that is less than the asking price depending
on the answers
to the four questions on the page.
2. Ask learners to read the page and circle any new vocabulary.
Explain the difficult vocabulary
before having learners answer the comprehension questions.
Comprehension check
Ask learners to do the comprehension exercise on this page.
Discuss the responses with the whole class.
You may decide to pay the owner’s
asking price for the house. However, you can offer less
than the asking price. Before you decide, ask these questions:
1. Is the asking price about the same
as the recent sales price of similar homes in the neighborhood?
The market value means the selling price
of similar homes in the area. Your real estate agent should
find out the market value of other houses in the neighborhood.
This can tell you if the asking price is fair.
2. Is the house in good condition?
If the house is in need of major repairs,
it will be worth less.
3. Do the owners have to sell quickly?
If the owners have to sell quickly, they
may take less money. It is a good idea to find out how long
the house has been on the market.
4. How much can you afford?
Know how much money you can give as a
down payment. Also, be sure you can afford all the monthly
housing payments, including mortgage, taxes, insurance,
and utilities. Sometimes the seller will pay for repairs
before your final offer. If the seller can pay for some
of the costs, the asking price may be fair.
