Making an Offer
Before the offer to purchase is created, it is very important that you have been at least pre-qualified or better yet pre-approved by a lender.
This is one of the best negotiating tools a buyer can have. It shows the seller that you are financially able to purchase the home. After you have found the right home, it is time to prepare the offer.
When you are buying a home, there are many problems that the seller is obligated to disclose. For example, it is illegal to withhold information about major physical defects on the property, but these disclosures don't always paint the entire picture of the home. Here are six questions you may want to ask that can offer additional insight about the prospective home before you make a final decision.
1) Why is the seller selling the house? This question may help you evaluate the "real value" of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly.
2) What does the seller like most and least about the property? By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a "happening community," the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.
3) Has the seller had any problems with the home in the past? It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bathroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should also check that these items were repaired properly.
4) How are the public schools in the area? Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer's perception can give you some insight about the quality of the area's schools.
5) What terms are most important to the seller? Understanding what the seller would like to see in an offer is a fundamental way to make sure your offer looks the most appealing. It also allows you plan ahead of time for things like post-occuancy and show the seller you're willing to work towards an agreement that is acceptable to all parties.
Knowing all you can about a prospective home, not only helps you decide if it's the home of your dreams, but what offer to make as well. I can help you get your key questions answered, give you advice on the information received, and write your offer in the way that protects you most while considering the sellers needs.