Okay, you've found the right home at the right price, how do you make an offer?
Working with your real estate professional you need to do the following:
* Before making an offer get full disclosure on the condition of the property, any liens or back-taxes, easements, etc. Also get a copy of any neighborhood association rules and by-laws, if you have a home business and the association has restrictions on these kinds of activities then you need to know before you offer to buy. Consult a real estate attorney if you have questions and contact the association chairperson for clarifications.
* Get a Comparative Market Analysis (CMA) of the home to find out what comparable homes in the area are selling at, your real estate professional can help you with this.
* In addition to the offer price put down, in writing, any contingencies or terms that you wish the seller to meet. If you want the living room carpet replaced then write that down in the offer.
* Keep contingencies reasonable so that you don't kill the deal, and make it negotiable. The seller may not think replacing the carpet is necessary but may acknowledge the fact that it'll need replacing within a year or two and knock off a few hundred dollars from the price.
* Other contingencies to consider: you won't close until your existing home is sold, that you secure the loan terms that you applied for, the house passes a termite inspection, and a clear title.
* Conveyances, if you are told that a major appliance comes with the home, make sure that it's mentioned in the offer.
* Also make sure all the details of the transaction are written down. Who pays the closing costs? The time frame of the closing date. After closing, when do you take possession? Cancellation terms. Inspections to be performed.
* When you make an offer you will be expected to put up an "earnest money deposit" to show that you are serious about buying the property, normally no more than 1-2% of the offer price.
* Keep in mind that when you make an offer it can become a contract, it only needs the seller's signature to become binding. Make sure your offer is reasonable and attainable for you and the seller.
As a real estate professional I'm thoroughly versed in all phases of the home buying process, be sure to use that experience to your advantage. I'm here to help.
Keller Williams Real Estate
Jeff and Heather Rickert, Realtor, RSPS
215-850-9640 cell
215-631-1900 office
215-631-1999 fax
e-mail: jeffheather2@verizon.net
Website: www.jeffrickertteam.com
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