MAKING AN OFFER There are many factors that influence the market value of a home. Your agent will give you the insight and information you need to make an offer you’re comfortable with. Some of the factors to consider include:
How long the home has been on the market If the price has been reduced
How much the home is worth, your agent will provide a comparable market analysis Showing the list and sale prices for similar homes in your area if there are multiple offers Other items that might be included in the sale (furniture, hot tub, etc.) The list to sale price ratio, an indication of how competitive the market is for homes in this area Why the seller is selling
Once the offer is written, your agent will present it to the seller agent. At that point the seller can accept your offer, reject it or counter it to start the negotiation process. Your agent will work with you to plan a strategy to ensure the most advantageous terms and acceptable pricing for you and your budget.
CLOSING ON YOUR HOME
Once your offer has been accepted, the closing process begins. Here are some of the typical steps involved.
Home inspection - most property sales are contingent on the result of a home inspection, which is paid for by the buyer. The inspection typically occurs within 10 days of offer acceptance, and includes a review of the homes exterior elements like the roof, siding, trim and windows, as well as kitchen and bathroom fixtures and appliances and major systems like heating and cooling, plumbing and electrical. If defects are discovered during the inspection, you may exercise the remedy described in your offer or negotiate with the seller to determine what repairs will be made. Title search - this is a historical review of all legal documents relating to ownership of the property to ensure that there are no claims against the title of the property. It is also recommended that you purchase title insurance in case the records contain errors or there are mistakes in the review process. Appraisal - as a standard part of the mortgage process, your lender will order an appraisal report to ensure that the loan will be guaranteed by the homes value. Final walk-through - if it’s requested in the contract, you’ll be given the chance to look at the home to make sure it’s in the same condition as when you signed the sales agreement.
Closing costs - In addition to your deposit and down payment, there are a variety of other costs involved in closing including:
o Loan origination fees, Appraisals, Surveys and Inspections o Mortgage Insurance o Hazard Insurance o Taxes o Assessments o Title insurance, Notary, Escrow Fees, Recording fees and Stamps
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