Negotiating
Once your offer to purchase has been drafted, it will be presented to the seller as soon as possible. The seller can accept your offer, reject it, or make a counter offer.
Acceptance
An accepted offer means the seller has agreed to all the terms and conditions exactly as set forth in your offer to purchase.
Rejection
A rejected offer means the seller did not agree with any of the terms and conditions set forth in your offer to purchase.
Counter offer
A counter offer means the seller agrees with some of the terms and conditions of your offer, but not all of them.
The seller then makes a counter offer. The counter offer may change the price, the closing date, or add or delete conditions.
Once you have received a counter offer you have two choices. You can accept the new terms and conditions or reject them. If you reject them, you can choose to start the whole process over again.
It is best to know your absolute upper limit before you begin negotiations, so that in the heat of the moment you don't end up with a home you really can't afford.
Inspections & Appraisals
Buying a home is probably the biggest single investment you will make. A home inspection prior to making an offer will protect you and your investment.
A qualified home inspector will give your house a thorough examination, checking the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement, and visible structures of the home.
The inspector will point out the need for major repairs, identify areas that may need attention in the near future, and explain what maintenance will be necessary to keep the house in good shape. But, it is not all negative. Most inspectors are more than happy to tell you about the home's good qualities as well.
Home inspections are relatively inexpensive considering the size of the investment that you are about to make. Many people consider this a small price to pay for peace of mind.
Your Realtor can provide you with a list of reputable, qualified home inspectors in your area.
Appraisals
An appraisal is a report containing an estimate of the value of the property. Appraisals are conducted for the purpose of mortgage lending by certified appraisers. The appraisal should not be confused with the home inspection or the market analysis.
For expert advice about buying a home in your area, contact Jimmy-your local Remax REALTOR®
