Contract
Knowledge
Buying a home, you are entering into a legally binding contract that must
be clearly understood both in terms of rights and obligations. Today's
real estate contracts are quite lengthy. Agents are trained to understand
and explain the contract along with the reports that are involved in a
real estate transaction. Have your agent give you a sample contract to
read over prior to you making your first offer. Get explanations to areas
you don't understand. This will take a lot of pressure off you during the
negotiation period. When it comes to contracts, put everything in writing
and fill in all the blanks. Wording should be specific and carefully
chosen. When it comes to who pays for what or if it ever comes to
litigation, it's what is in writing that counts.
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Presenting
the Offer
When you find the right home, move on it quickly. Have your agent run
"comps" on similar sales in the neighborhood. Use this information to base
your initial offer. Before your agent writes up the offer, he should
attempt to find the sellers motivation. Where are they moving? Why are
they selling? How long has the home been on the market? Do they have an
offer on another house?
The agent will
want to consider other aspects before writing up an intelligent offer. Is
the property still for sale or are there offers pending? Is it a probate
or foreclosure sale? How much do the sellers owe, are they willing to
carry back a loan? Who pays for certain transfer fees may be decided by
local custom. Different scenarios will dictate how a contract will be
written up and presented.
Be
Realistic with Your Offer
Negotiation time can be very emotional. If you give a lowball offer, the
seller may reject it and any other offers. Your agent will present your
offer with all the reasoning behind it. Your agent will be more effective
if you are not present at the negotiating table. Let them do their job.
They know more about the details of the offer and can present your offer
in a positive light. When an agent presents an offer on your behalf, often
there is another agent involved, the listing agent. If your offer is
reasonable, expect 1 or 2 counter offers. You will be signing many papers
during this time. Contract, counter offers, disclosures, addendums,
reports and so on. Make sure to get a copy of everything you sign. You
should have copies with the signatures of all those involved in the
transactions. Search for Boise homes for sale
After the
seller has accepted your offer, the process of escrow and closing begins.
Inspections need to be ordered and scheduled in a timely manner. The loan
process will begin and generate an equal amount of paperwork. This can be
a very emotional and confusing time because of what is involved. The agent
will follow the transaction through the closing and will walk you through
the steps and keep you informed.
Be patient,
realistic and educated about the process. The typical real estate
transaction takes 30-45 days to close after a contract is ratified.
