Making an Offer Made Simple

Now that you have found the home you want, it's time to do some homework to justify the offer and begin negotiating. Use the following checklist to begin.

• Make a list of the items that you feel justify the offer you plan to make. Check out the websites, such as Zillow.com or realestateabc.com to find the selling price of any recent sales in the immediate area for comparison. Note any major repairs that will be needed before you would close on the property. Also, consider if you will have the necessary funds you will need for any immediate changes you plan on making.
• Verify the assessment and taxes at the local tax assessor's office. Are there any deductions reflected like the Star program or veteran's discount and have these discounts already been factored into the amounts the seller is quoting?
• Check for property deficiencies such as being located in a flood zone area, easements or right of ways. Get estimate of homeowners insurance coverage.
• Ask for a copy of the lead-based paint disclosure if the home was built prior to 1978 and the Property Condition Disclosure.
• Offers can be submitted verbally until you come to an agreed price. However, keep in mind that in real property transactions verbal offers are not binding. Once a verbal agreement is reached, submit your offer in writing with a deposit . Be sure you note any contingency that is applicable and again any repairs required of the seller before closing. List any items that may or may not be included in the sale and a suggested closing date. Contact your attorney and have an official sales contract drawn up with the agreed items, a time frame for final mortgage approval, final walk-through and finally a desired closing date.
• If you are requesting a home inspection, be sure it is written in the contract that you would be released from the contract if a major problem with the home can not be negotiated with the seller.

Now you can see the light at the end of the tunnel. All your hard work is done and you can smile proudly. While the attorney is taking care of the last steps needed, do something to reward yourself.




Copyright© 2008 FSBO Publishing Group, Inc., All rights reserved. This material may not be republished without written permission.