Posts Tagged ‘offer’
Termite and Pest Inspection
When buying real estate part of your offer for a home may include an inspection of the property. Along with that inspection, you may require a termite and pest inspection. This company not only inspects for termite damage and pest infestations. The company that performs the inspection is important to you as a buyer, because…
View Details>>Buyer and the Seller Must Agree
Buying a home does not occur in a vacuum, involving only you and the seller. There are all kinds of people and services involved behind the scenes to make it happen. Since some of these services affect both you and the seller, there will have to be an agreement on which companies you will use…
View Details>>Other Financing Details in Your Offer
How Financing Details Affect Your Offer When making an offer to purchase real estate, financing contingencies should be carefully considered. Your financing contingency should contain information on whether you are obtaining a fixed rate or an adjustable rate mortgage and what maximum rate is acceptable. Of course you may be able to get a loan…
View Details>>Seller Financing – Making an Offer
Another occasional request when making an offer to purchase real estate is to have the seller finance the whole transaction or “carry back” a second mortgage to help facilitate your purchase of their home. In cases when the seller owns the home free and clear or does not need all the proceeds from their sale…
View Details>>Closing Costs and Financing Incentives
How Financing Details Affect Your Offer There may be times when, as part of your offer, you request the seller to pay all or a portion of your closing costs, or provide some other financial incentive. One common request is asking the seller to pay a certain specified amount towards “closing costs and pre-paids.” Such incentives can…
View Details>>Interest Rates
How Financing Details Affect Your Offer Interest Rates A financing contingency in your offer protects you if interest rates suddenly become volatile and rise quickly. By adding a maximum acceptable interest rate in your offer, you are protecting yourself from such an occurrence. At the same time, the seller will probably want to see that…
View Details>>How Financing Details Affect Your Offer
Most buyers do not have enough cash available to buy a home, so they need to obtain a mortgage to finance the purchase. When making an offer, it is vital to include a financing contingency that informs the seller about your financing plans. A seller will want to know that you can quickly obtain a…
View Details>>Final Walk-Through Inspection
Writing an Offer – Safeguards Regarding the Property Before closing, the buyer should revisit the property to ensure it is in the condition you required in your offer and to inspect any required repairs have been performed. The closing or settlement company should not close until you or your Realtor give them the final go-ahead.…
View Details>>Condition of the Property
Writing an Offer – Safeguards Regarding the Property Condition at Closing The last thing you want when you assume possession of your new home is to find it in a total mess. Therefore, you should make it clear in your offer that certain minimum standards are required on closing. If you do not, you might…
View Details>>The Closing Date
Offering to Purchase Real Estate- the Basics It is absolutely essential that you include a closing date as part of your offer to purchase real estate. This is an important date in the contract and should not be considered lightly. If you’re obtaining financing and a mortgage approval, allow as much time as possible. With…
View Details>>Earnest Money Deposit
An earnest money deposit is the initial deposit you make with an offer to purchase real estate. How Much Should You Put Down With Your Offer? After you have come up with an offer price, the next step is to determine how large a deposit you want to make with your offer. Determining what to…
View Details>>Contingencies in a Purchase Offer
In most purchase transactions there may be a slight challenge or two, but most things will go quite smoothly. However, you want to anticipate potential problems so that if something does go wrong, you can cancel the contract without penalty. These are called “contingencies” and you must be sure to include them when you offer…
View Details>>Writing an Offer to Purchase Real Estate
Once you find the home you want to buy, the next step is to write an offer – which is not as easy as it sounds. Your offer is the first step toward negotiating a sales contract with the seller. Since this is just the beginning of negotiations, you should put yourself in the seller’s…
View Details>>The Final Decision on Your Offer Price
Major Factors Influencing your Offer Price Comparable sales information helps you to determine a base price range for a particular home. Adding in the various factors like property condition, improvements, market conditions, and seller motivation help determine whether a “fair” price would be at the upper limit of that range or the lower limit. Perhaps…
View Details>>How Seller Motivation Affects Your Offer Price
The most common “motivated seller” is someone who has already bought his or her next home or is relocating to a new area. They will be under the gun to sell the home quickly or face the prospect of making two mortgage payments at the same time. Since that can drain a bank account quickly,…
View Details>>How Home Improvements Affect Your Offer Price
Home improvement additions or big upgrades should be considered when comparing similar homes you are considering making an offer on. Cosmetic changes should be largely ignored, but major improvements should be taken into account. Most important would be room additions, especially bedrooms and bathrooms. Other items, like expensive floor tile or swimming pools should be…
View Details>>How Property Condition Affects Your Offer
Since you have toured the property you are interested in, you should know how it compares to the general neighborhood. All you have to do is put the home in one of three categories – average, above average, or below average. When evaluating a home’s condition, there are a number of things you should consider.…
View Details>>Comparable Sales – Pending Transactions
Obviously, the most valuable information when looking at comparable sales would be the most current sale possible. A sale last week has more validity in helping you determine a purchase price than a sale from six months ago. The problem is that there is no actual record of the sales price until the transaction is…
View Details>>Comparable Sales in the Public Record
The most accessible source of information on comparable sales for the public are closed sales is the county’s public record system. The public records include all sales, even ones that don’t go through Realtors and are thus not entered into the MLS. When someone buys a home the property is deeded from the seller to…
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