After searching through pages and pages of MLS listings, walking through numerous open houses and attending multiple home viewing appointments, you finally found a property worth putting in an offer for. It’s a nice feeling when you’ve found a place where you can see yourself cooking meals, watching TV, and decorating for the holidays! Viewings can certainly be a gruelling process and it’s relieving when you see a light at the end of the tunnel! But wait… pump the brakes (for good reason)! There’s a few things you should know before submitting your purchase agreement.
What is the Home Worth?
Perhaps you’ve fallen in love with a property that has a listing price of $350,000 but that doesn’t necessarily mean you should pay that amount. What do you feel the house is worth? Do you feel the REALTOR® has over-valued the build? Are there underlying issues you feel decreases the home’s value? Only offer what you’re willing to pay.
Also, what can you afford? If you’ve come this far in the realty process, then you should have already set aside enough money for your down payment which you’ll need to submit by the time the real estate deal closes. Aside from a deposit, do you have enough cash for furniture? Potential break-downs or maintenance? Insurance? Lawyer fees? Owning a house isn’t cheap so it’s important to understand all of the costs that go along with obtaining property.
Ask the Right Questions
There is plenty to consider when purchasing real estate but one of the simplest parts of the process? Asking the right questions. Once you’ve gotten a green light on the inspection, make sure you’re still asking the agent or home-owner about possible red flags you’re concerned about like hidden water damage or possible mold issues. This is when a lawyer really comes in handy as they’ll go the extra mile in making sure the house is clear for your arrival.
Understand What You’re Signing
As with any legal document, making sure you understand the terms before submitting a purchase offer is absolutely crucial. For example, you assume the lighting fixtures or appliances are included. However, does the agreement state otherwise? This is a prime example of reading everything over carefully because an issue like this will require you to install new fixtures or appliances meaning more money out of your pocket. Ensure you’re aware of the fine print before providing your signature so that way there’s no disheartening surprises on your move-in date.
Making an offer on a house you love is an exciting milestone but having a clear understanding to what you’re signing may just be the most important part in the process. Need guidance? Reach out to us! We love providing our clients with expert realty and mortgage advice! This is your life and that means no question is a bad question!