10 Steps:
1) Define Needs
2) Pre-Qualify
3) Local Info
4) Home Search
5) Make Offer
6) Negotiate
7) Vendors
8) Pre-Close
9) Close
10) Post-Close
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5. Make An Offer...
Now that you and your real estate agent have found the home
you would like to purchase, it's time to make an offer. Taking
into account the recent sales of homes in that neighborhood
which are similar in size, quality, conveniences, and amenities,
what are you willing to pay for the home? Your real estate agent
will consult with you and advise you on how to create an offer
that will have the best chance of being accepted.
Your agent will ensure that you have everything down in written
form... no verbal agreements. After consulting with your agent
to put your offer in a written contract that meets all the
legal requirements according to local and national guidelines,
your agent will present the seller with a written document
detailing what needs to be done by both parties to execute
the transaction. The contract should protect the best interests
of all parties involved and should be comprehensive in nature.
Your agent will also ensure your financial position as the
buyer by including any necessary contingencies, which would
protect you if a particular requirement were not met. Once
the seller accepts it, it may be too late to make any changes.
The contract, though not limited to this list, should include
the following:
· A legal description of the property
· The offering price
· The down payment
· Financing arrangements
· A list of fees and who will pay them
· Amount of the deposit
· Inspection rights and possible repair allowances
· The method of conveying the title and who will handle
the closing
· A list of appliances and furnishings which will stay
with the home
· The settlement date
· Any relevant contingencies
Remember that the legalities of this phase are very important.
If you have any questions or concerns, they need to be addressed
right away. After all, no one has ever said at their closing,
"I wish I had asked fewer questions."
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