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BUYING YOUR NEW HOME: STEP 5
NEGOTIATIONS AND INSPECTIONS...
After I submit the offer to the Listing Agent, they will go over the terms and conditions with their Seller. One of three things will then happen…
#1. They can accept the offer.
#2 They can reject the offer.
#3 They can counter the offer.
The option that I find most common is a counter-offer. The Listing
Agent will prepare a counter-offer with the Sellers terms, send it back to me and I will go over the terms with you. You have the option of accepting, rejecting, or countering their offer. This process can go back and forth as many times as the parties want.. I find, however, that the more times it goes back and forth, the less chance the deal will come together.
Once we have an agreed upon contract, our inspection period begins. Usually it is a 10 day period that begins the day after the contract is agreed upon. During that time, you the Buyer have a right to have the home inspected for, but not limited to, termites, radon, lead based paint, and other items. We will compile written reports from these inspections, and come up with a list of items that you want to have repaired. The purpose of a building inspection is to find “hidden defects” not to make the home new. Every home needs maintenance, we want to concentrate on major items. I have a list of ASHI Home Inspectors I have used, or if you have an inspector you prefer, that is fine. After we gather a list of your requests, I will submit this list to the Listing agent. That starts a second round of negotiations much like the first..
We have an agreed upon Contract…
What's next?
STEP 6: TYING UP LOOSE ENDS... |