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Making the OfferOne of the biggest concerns for buyers when making an offer is the fear of paying too much money for a house - or worse - purchasing a house that has "hidden" defects. It can be easy for you to avoid these problems, but first you must prepare yourself for each step of the buying process. This is where Rich Realty can help. When you buy a home there is always some form of negotiation involved. Even if the seller doesn't haggle over the offering price, you still need to negotiate whether to include appliances and other household items in the sale, as well as what contingencies to include in the sale agreement. That being the case, there may be a few questions lingering in your mind. The following are a few tips that should help to put your mind at ease. Should I start low and negotiate? Although it doesn't sound like a bad idea, keep in mind that every potential transaction will be different. Sometimes a seller will overprice a property with the assumption that a buyer will start with a low offer. On the other hand, often when a seller chooses an experienced agent to list their home, the asking price will already be right on target. In either case, you will want to keep emotional distance so you can negotiate well, and refer to your comparative market analysis (CMA, provided by Buyers Agent) frequently, so you don't pay more than "fair market value". Is Time of the Essence? How quickly you will need to act when buying, really depends on the seller's market. For example, time would be of the essence if you were interested in buying in a hot market. Therefore, you will need to consider your decision carefully, and prioritize your tasks so you don't become overwhelmed. You need to make sure that you meet the deadlines imposed by the sales contract. Thus, many of the other things that could be lingering in your mind, such as planning a remodel, should be discussed with your agent - That's what we are here for. Visit Your Home Hunt, and allow us to help you search for the home of your dreams. Due Diligence Once you have negotiated and settled on an agreement, it is time to complete the evaluation of the property. Depending on the area and property, this could include inspections for:
As your agent, Rich Realty can assist you in finding qualified responsible professional to do most of these investigations, as well as provide you with written reports. In addition, it is imperative that you see a preliminary report on the title of the property purchased. The title indicates ownership of the property, and can be mired in confusing status of past owners or right of access. Be advised that the title to most properties will have some limitations: for example, easements (access rights) for utilities. Therefore, it is your agent, title company or attorney who can help you resolve any issues that might cause problems at a later date. Be Prepared for Unexpected Problems Every transaction has its problems, but most of them can be solved or worked around. Take the time to rationally think through some common problems, and how they can be resolved. |
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