Find A Home…

Find a Home and Negotiate a Price

Finding the right home to purchase can be one of the most difficult parts of the homebuying process.  As you select a home, you will need to consider a variety of factors that could affect both your enjoyment of the home and the investment value of the property you buy.

Here are some thoughts that you may consider as you locate your home:

A good real estate professional can be your strongest ally

Remember that a good realtor can be your best ally in the homebuying process – he or she is the person who will look out for your interests when it comes to locating the right home, settling on a price and agreeing on terms of sale.

Choose your home carefully

Finding a home can take a while – so be sure to leave plenty of time to do it. There are many criteria that should factor into your decision when you choose a home. Important things to consider include:

•  Neighborhoods and schools
•  Cost-of-living in the area
•  Proximity of the home to your workplace

The home itself – Be sure that the home that you buy is both comfortable and in acceptable condition.

When you find a home, work closely with you realtor as you negotiate the price

The process of agreeing with a seller on a price for a home and completing all the necessary paperwork and inspections can be time consuming and complex. Following are some steps that you will need to take:

•  Decide how much to pay for the home
This is usually accomplished through a bidding process coordinated by your realtor and the seller’s realtor. Your realtor will work with you to develop an initial bid and sales agreement. This document will describe the property and name the price. You will want to make the contract contingent on getting the financing you need and on the successful completion of an inspection by a licensed home inspector. Your offer should also list the items that you expect will come with the home (such as appliances, window treatments, etc.) for the purchase price stated.  It can sometimes take several rounds of bidding for the seller and the buyer to settle on a final price.

•  Supply “earnest money”
Often, homebuyers are asked to make an “earnest money” deposit, when bidding on a home. The purpose of the deposit is to show the seller that you’re serious about the offer. The check is usually made out to the real estate company representing the seller.

•  Have the home inspected
Your purchase of the home should be contingent upon the home receiving satisfactory evaluation by a home inspector. Taking this step will help to ensure that you understand what repairs the home may need in the near future. The findings of your home inspector’s report may also influence the end price of the home and the terms of the purchase.

With all this completed, your next steps will be to submit the house for approval by the mortgage company and finalize your loan.