Making an Offer for Your Home
Vision Realty, REALTORS®
You've Found Your Dream Home?
Now it's time to make an offer!
As a member of the Arkansas Realtors Association, Vision Realty, has elected to use the Real Estate Forms that have been approved by our Realtor Association. These documents include numerous sale conditions and their wording has been carefully reviewed to assure that they reflect the terms you want to offer. REALTORS can explain the general contracting process as well as their role in the transaction process.
While much attention is spent on offering prices, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers - or additional costs. Terms are extremely important and should be carefully reviewed.
How Much Should I Offer?
An offer depend on the basic laws of supply and demand: If many buyers are competing for homes, then sellers will likely get full-price offers and sometimes even more. If demand is weak, then offers below the asking price may be in order.
Careful evaluation is sometimes necessary, especially if you are obtaining a home loan to purchase the home. Varying types of loan programs create varying closing costs. Therefore, even if you are making a full price offer, if the Seller is required to pay some of the Buyer's closing costs, you offer may net the Seller less money than an offer that was for less money but the Buyers are paying cash for the home.
Realtors assist Buyers in making an offer that will fit their needs and their financial ability. A seller may counter-offer. It is extremely important for the Buyer to remain in close contact with their REALTOR during the negotiation process so that any proposed changes can be quickly reviewed.
Once the negotiation process has been completed then any contingencies in the contract need to be addressed in a timely manner. You will need to activate your loan process with your lender by furnishing them with a copy of your contract.
A number of inspections are common in residential realty transactions. These inspections may include checking for termites, surveys to determine boundaries, appraisals to determine value for lenders, title reviews and structural inspections.
Structural inspections are particularly important. During these examinations, an inspector comes to the property to determine if there are material physical defects and whether expensive repairs and replacements are likely to be required in a few years. Such inspections for a single-family home often require two or three houses, and buyers should be present if at all possible. This is an opportunity to examine the property's mechanics and structure, ask questions and learn far more about the property than is possible with an informal walk-through. The contract which we use has 10 business days from the acceptance of the contract to complete the inspection process.
Once all the contingencies are removed, your loan is approved the you will need to obtain insurance for your home by closing day.
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