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| :: Learn step-by-step home buying process with Kellson Team. Your knowledge is your Power! |
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| HOME BUYING >> STEP 5 >> MAKE AN OFFER |
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Consider, at least, the following major factors prior to making your offer: [1] Prices of similar homes (comps) in the neighborhood, [2] price trend in your area, [3] combined days on the market of the area listings, [4] list prices of active comps in the neighborhood, [5] seller's motivation, [6] seller's agent motivation, [7] purchase contract terms and conditions, [8] financing terms & conditions, [9] market conditon, and [10] time frame to act. |
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| Making an Offer: Tips & Advice |
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- Conduct a detail Value Analysis to get a good idea of the home value.
- Always make an offer within your ability to pay.
- To strengthen your offer, include a letter of Loan Approval from your lender.
- Attach standard contingencies, or conditions, to your offer.
The seller may accept, reject or counter within hours or days, depending on the quality of your offer and the seller's desire to sell. You can then accept the counteroffer or "counter the counter."
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| Making an Offer: Standard Contingencies |
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| When you start negotiating to buy or sell a house, you should include standard contingencies, or conditions, in the purchase contract. You may also want to add unique contingencies depending on your circumstances. If a seller doesn't satisfy a contingency, the buyer can cancel the contract and get the deposit back.
* Financing.
Buyer or seller can back out if loan is not approved.
* Inspections.
Buyer can back out if inspections of property condition is unsatisfactory and if the buyer and seller can't agree on remedies.
* Appraisal.
Buyer can back out if appraisal value falls below offering price or appraisal report is not acceptable to lenders.
* Title.
Buyer can back out if property title is unclear.
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| Other Common Contingencies |
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* Right of review (for common-interest developments or cooperatives).
Buyer can back out if master deed, bylaws, budget or conditions, covenants and restrictions are unsatisfactory.
* Contingent sale.
Buyer or seller can back out if buyer's current home fails to sell within a certain time limit.
* Insurance.
Buyer can back out if unable to obtain homeowner's insurance.
* Disclosures.
Buyer may be able to back out if seller fails to disclose such issues as earthquake hazard, flood hazard, lead (in homes built before 1978) or, in states where required, other material facts or defects about the property.
* Repairs.
Buyer can renegotiate or may be able to back out altogether if agreed-upon repairs are not satisfactory. |
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