I recently had an unusual experience. I shouldn't say unusual, as I am finding that younger people are more and more 'knowing ' more than we do and while I applaud their intelligence, their being savvy and well read, sometimes, it can also hinder the process.
SO, to set the record straight in Westchester, New York, what do buyers do once they have placed their bid, and have that accepted offer? This is also assuming that in order to obtain that accepted offer, the buyer has provided their pre-approval from a respected banking institution.
1) Order the inspection. Your agent should have already prepped you with regard to suggesting 2 or 3 well known inspectors in the area. YOU choose the one who is the best fit for you (bu do not choose on price... choose on credentials), or utilize an inspector that you wish to use.. perhaps someone who has been recommended to you by a friend..2) Make sure your inspection is completed shortly after the accepted offer. Sellers's agents should and will be marketing the home until the contracts are fully executed by both buyer and sellers.. so if you take your time in having the inspection, then do not be surprised if another bid materializes.
3) You should have placed your bid on all of those obvious (visual) items/defects you saw when you viewed the home.. Perhaps older windows, an older hot water heater, etc. The inspector is there to inform you of the condition of the house, what needs to be fixed today and are of immediate importance (perhaps more negotiation), and items that need to be fixed in a few years as regular maintenance ( no need to negotiate on these items). He will also point out areas of environmental issues... Sellers must take care of mold, termites, radon.. and a leaking roof.. These are items that the buyer would not be expected to see during their visits - (they are latent issues). However, it should be noted, that if there are multiple bids, then certain issues like asbestos (if it is sealed and contained) might not be a negotiable item.
4) Once the inspection has been performed, the inspector will usually inform the buyer at that time of those points he needs to negotiate upon... Whenever a buyer states that he is waiting for the report that informs me he will be negotiating more.... I always advise my buyers to let me know of their concerns the day of the inspection, let me negotiate then.. for if we have to wait a few days to receive that report.. then we could lose the house to other buyers... Don't lose the momentum.
5) As a listing agent, my attorney sends out the contract the same day as an accepted offer... As a buyer's agent, we are beholden to the seller's attorney... If he drags his feet, he might lose my buyers.. or we might lose out.. At the end of the day, it is in everyone's best interests to move things along as quickly as possible to sign those contracts.
Always choose attorneys who will not be vacationing for the next few months, agents who will be there for throughout the process, and a mortgage brokers who is well qualified. also.
Lastly, listen to your agent. In the scenario I recently experienced, the buyers knew more than everyone, did things in their own order, and it prolonged the contract signing by an additional 2 hair-raising weeks..
Westchester is GREAT
Gay E. Rosen, ABR, CBR, CRS, GRI, SRES, CDPE, REOS
Licensed Real Estate Associate Broker
2070 Boston Post Road
Larchmont, New York 10538
(914) 833-0420 Ext. 307
(914) 907-2645 Cell
2012, 2011 & 2010 Platinum Award Recipient
2012, 2011 & 2010 Top Agent Award in Customer Satisfaction
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