Special offer

Dana's Complete Guide to Home Buying - Part 18

By
Real Estate Agent with Keller Williams Capital Properties 613238

 

MAKING THE OFFER AND WHAT COMES NEXT

Whether it takes 5 home visits or 50, together we will find the home that is right for you.

Then, it will be time to make an offer. Taking into account the recent sales of homes in that neighborhood which are similar in size, quality, conveniences, and amenities, we will determine what are you willing to pay for the home. I will consult with you and advise you on how to create an offer that be at or below market price, and that will have the best chance of being accepted.

I will ensure that all parts of the offer are in written form... no verbal agreements. After putting your offer in a written contract that meets all the national and local legal requirements, I will present the seller with your offer and all its contingencies. The contract should protect your best interests, and should be comprehensive in nature. I will also safeguard your financial position as the buyer by including any necessary contingencies to protect you if a particular requirement were not met. This includes home inspection, termite inspection, appraisal and the like. Once the seller accepts it, it may be too late to make any changes.

The contract, though not limited to this list, should include the following:
· A legal description of the property
· The offering price
· The down payment
· Financing arrangements
· A list of fees and who will pay them
· Amount of the deposit
· Inspection rights and possible repair allowances
· The method of conveying the title and who will handle the closing
· A list of appliances and fixtures which will stay ("convey") with the home
· The settlement date
· Any relevant contingencies

Remember that the legalities of this phase are very important. If you have any questions or concerns, they need to be addressed right away. After all, no one has ever said at their closing, "I wish I had asked fewer questions."

 Negotiating The Offer

Some of the things that we may negotiate are:
· The price
· Financing
· Closing costs
· Repairs that need to be done
· Appliances and fixtures
· Landscaping
· Painting
· Occupancy time frame

Once your offer is made, you and I may need to enter some negotiation in order to reach an agreement. Keep in mind that almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process -- that is, if you have adequate information and you use it in an appropriate manner.

The key to successful negotiating is keeping in mind that the end result must make both you, the buyer, and the seller happy. Otherwise, negative feelings will persist throughout the remainder of the process and someone may walk away feeling that they were not treated fairly.

Finding the Service Providers

After your offer has been accepted, I will assist you in the coordination of all necessary service providers and be your advocate when working with each vendor. I will make sure that the vendors have access to the property at the appropriate times to perform their procedures and oversee the execution of those procedures on your behalf.

For instance, the property will need a thorough examination. Working with your lender, you may need to have a formal appraisal and a survey done for the property designated in the contract. A property inspection, a foundation inspection, and an environmental inspection may also need to be completed to make sure that the property is up to the standards set forth in your written agreement. If there are issues or inconsistencies brought to light during this time, it may delay or even nullify the contract depending on the contingencies set forth in the contract.

Homeowner insurance is another very important item that will need to be taken care of at this point. Insurance experts recommend that you obtain insurance equal to the full replacement value of the home. Unless you have insurance coverage on the home, the closing can not proceed. Having these procedures done in a timely and professional manner is a must. Investigate each vendor to make sure that they are reputable and have a clean operational history.

As your agent, my experience in this area will be invaluable in making sure that everything is completed on time and in a professional and legal manner

See Part 19 in the next installment of Dana's Complete Guide to Home Buying

 

 

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Contact Dana and the Dana Global Advantage Team, for Real Estate Results with "savoir faire". Subscribe to my Bethesda and Beyond blog to receive market information and updates on real estate & happenings in Bethesda, Kensington and the DC Metro area. How can I help you with any real estate questions or needs?

 

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