What to Know Before Making an Offer on that Dream House
Whether you are a first time home buyer or seasoned with the process, there are always things to consider in the purchase of a home. If you have found the house of your dreams and are ready to call it your own, the first step is to find a real estate agent to work with help you prepare an offer. You will want the best REALTOR® that can help you come up with the best offer on your dream property! Before you do, be sure to take into consideration these important tips for home buyers.
The Home Inspection
While arranging a home inspection is the responsibility of the buyer, your real estate agent is no doubt very familiar with the process, what it entails and what an inspector should offer in a report. Once the inspection is done, and before you finalize the sale, speak to your agent about the results of your inspection.
- Check to make sure everything was completed to standard and that the home inspector covered all of the required components.
- Make sure you are getting what you think you are in terms of structural integrity, home systems, and construction quality.
- Go over any requirements of the current owners for repairs or replacements within the house.
Review your Real Estate Documents
In addition to the inspection documents, which indicate the results of the home inspection and the requests from the buyer for the sellers’ pre-sale repairs and renovations, there are several other documents which are part of the sale.
There is the contract itself (sometimes called a purchase agreement), which specifies the details of the repairs above, dates, occupancy conditions, financial specifications, and much more. There are the financial documents, which specific loan terms, home price, legal and agent fees, and of course there are legal forms as well. This is just a few of the documents you can expect to face when it comes to purchasing a home, and having these in order and making sure they are accurate before you place an offer is critical for ensuring a smooth sale.
Finalize your Finances
Before you started searching for homes, you should have already gotten pre-qualified for a mortgage. By the time you make your offer, you will want to ensure you have finalized payment details, loan, and mortgage arrangements and other financial terms with your bank or lending institution. The only thing left after your offer is approved should be to transfer the money to the new owners.
Leaving anything to chance or assuming the loan will “work out”, without first making it happen, may not end well. The outcome could be a lack of home, but also, a damaged reputation for not being able to pay against the offer you made.
Check the Property’s History
Finally, do a little homework before you put yourself in the running for owning the home. Read up online about any significant history of the home, and speak to your real estate agent for the historical information they may have. Things such as weather damage that can be relevant when it comes to owning the property.
Purchasing a home is an exciting time, and it starts to feel so much more real when you place your first offer. Use these tips to help you out before you do so, and do not forget to reach out to a qualified real estate agent to help guide you and offer their professional advice.