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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