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Written by Tamara Schmitt
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Friday, 25 November 2005 |
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Good real estate agents are invaluable when it comes time to make an offer on a house. Invariably the agent will provide you with a preprinted form of a purchase contract, which together you rework to fit your needs. The contract begins by identifying the focal points, buyer, seller, property location, brokers, etc., then quickly moves to the crux of the matter: the purchase price offered, the down payment, the loan amount, and the deposit. |
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Last Updated ( Tuesday, 22 August 2006 )
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Written by Tamara Schmitt
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Friday, 25 November 2005 |
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A buyer should understand with confidence what comparable properties in the neighborhood are selling for. Assuming your agent is a busy local player, he or she should know very well what a fair price is for the house of your choice. Ask your agent for statistics of list price versus sales price for the neighborhood. Compare the price and quality of other homes you've seen with the one you wish to purchase. |
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Last Updated ( Tuesday, 22 August 2006 )
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Written by Tamara Schmitt
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Friday, 25 November 2005 |
Sellers are said to focus on price more than anything else, so if you're offering full or close to asking price you may have an opportunity to improve your terms. There are many reasonable requests you might make with an offer.
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Last Updated ( Tuesday, 22 August 2006 )
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Written by Tamara Schmitt
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Friday, 25 November 2005 |
A thorough, professional property, roof, and termite inspection should be completed during escrow. This should not replace a buyer's own inspection, trying every appliance, inspecting faucets and sinks for leaks, etc. In most states the seller is obligated under law to disclose all known defects of the property in written form as part of the purchase contract.
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Last Updated ( Tuesday, 22 August 2006 )
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Written by Tamara Schmitt
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Friday, 25 November 2005 |
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A fairly complete financial portrait of the buyer is revealed in a purchase contract, which works to both parties' advantage. An offer is far more attractive to a seller if the buyer is preapproved for a loan. Preapproval is not to be confused with prequalification. Prequalification is merely the result of a loan officer asking a few questions and typing up a superficial letter. |
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Last Updated ( Tuesday, 22 August 2006 )
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