Once your offer has been presented to the
seller the negotiating process begins. There are likely to be numerous
counter-offers going back and forth between you and the seller. There
are a few important things to remember:
- Your offer is just that – an offer – until it has
been accepted and agreed to by both you and the seller. At any time during
the negotiating process another offer could come in and cause you to be
in a multiple offer – or worse – lose the house completely.
A wise buyer will try to come to an agreement with the seller in a reasonably
short period of time.
- If your contract calls for a home inspection and/or a financing
condition, please choose both of these as quickly as possible and let
your sales representative know who they are. Your service providers have a limited amount
of time to protect your interests.
- Be sure to comply with all requests of your lender after the mortgage
application has been done. Not producing the documents or information
they need can jeopardize your getting your mortgage on time.
- Generally, the buyer accompanies the home inspector at the inspection.
Please allow at least 2 to 3 hours for an average inspection. More time
may be necessary for a large home.
- Your Realtor will act as coordinator for all activities from this
point and will keep everyone in the loop as far as what is going on. The
lender, home inspector, both attorneys, the other REALTOR, the title company
will all be performing necessary duties during this time.
- If necessary your Realtor will work together with the cooperating
Realtor to negotiate any repairs that were noted during the home inspection.
Remember, routine maintenance items are not the type of thing that should
be noted and negotiated. The purpose of the home inspection is to avoid
buying a home with major structural deficiencies.
- Your walk through will be scheduled as per your sales contract.
Your Realtor will schedule this with you, the seller and the listing sales representative.
It should happen just prior to the closing.
- If all of this sounds a little overwhelming – don’t
worry – you’re in good hands. Your Realtor has been through
this many times and will be there for you during the entire process. Relax
and enjoy the experience.
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