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Homeownership:
Wants vs Needs| Using
a Real Estate Agent | Using DPA |
Home Value |
The Offer | Inspection & Closing
| Closing Meeting |
Benefits & Responsibilities as a New Homeowner
The Offer
Making an Offer to Purchase
Upon making the Offer to Purchase, the seller will be given a certain
amount of time to respond to your offer. The seller can accept, counter
offer, reject or ignore the offer. Keep in mind you are locked into
the purchase unless the seller rejects, counters or the time expires.
If the seller accepts the offer, you have purchased a home and the
contract has been made legal.
Negotiating a Sales Price
Knowing your market value and availability of homes in your price
range is valuable when negotiating with the seller.
If there are a number of homes on the market your seller will
be anxious to entertain all offers and even accept offers that
may net the seller less than the listed price.
If your seller has had a lot of interest for his home, you may
not be able to negotiate the price down much at all.
The condition of the home can also be a way of making your offer
more appealing. Don’t be afraid to negotiate. It is expected
in many markets that the listing price is higher than what the
seller would accept.
When your Realtor presents your offer to the seller and their
Realtor, your Realtor will let them know of your feelings toward
the home and if the price can be increased with a counter offer.
Remember your negotiating begins with your attitude towards your
own Realtor.
When an Offer Becomes a Contract
Depending on where you live, your Realtor will have a specific
state approved form that follows the transaction and allows for
the negotiating stages. In general, the purchase contract will
contain:
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Address of the property |
| • |
Selling price |
| • |
Mortgage contingency: Meaning the sale is subject to you
getting a specific mortgage, rate and term. |
| • |
Deposit: How much money you will pay when you sign the contract. |
| • |
Conveyances: What is included in the sale of the house?
For example, the refrigerator or washer and dryer and what
are excluded. |
| • |
Condominium: Any terms associated with buying a condominium
such as the cost of the homeowner association and restrictive
covenants. |
| • |
Well & septic or public water and sewer: This will disclose
if you have public or private water and sewer. Private water
and septic tanks need to be tested for location and bacteria
count by the state health department. |
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Closing and possession date: The date you close and when
you can move in, usually the closing day or shortly after
it. |
| • |
Acceptance: The seller will have a specific time to address
your offer. |
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Insurance: Whose insurance covers the home until the closing
date. |
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Property Disclosures: Notification of any issues or problems
with the property. |
Next: Inspection & Closing
Wants vs Needs| Using
a Real Estate Agent | Using DPA |
Home Value |
The Offer | Inspection & Closing
| Closing Meeting |
Benefits & Responsibilities as a New Homeowner
|
