Top 5 Mistakes When Making A Home Purchase Offer

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You've found the house of your dreams and wouldn't want that to go to
someone else. So, you tell your real estate agent about it or if you
want to do it on your own, you start consulting your lawyer on how to
go about purchasing the house. The next step you take is to make a
purchase offer as soon as you can.
Making a purchase offer goes beyond just filling up a form, giving it
to the home seller and paying the price. It would be ideal that the
buyer is well-informed and prepared for any problems that might crop
up along the way. Learning the common mistakes of other buyers and
avoiding them will ensure a smooth buying process.
One of the top mistakes committed by home buyers is not getting pre-
approved for a mortgage loan and securing a fixed interest rate. It's
best that buyers first get pre-approved before searching for their
ideal home. Also, knowing that your interest rate is fixed for the
entire duration of your loan term ensures that you will be protected
from increasing rates and that you won't go beyond your projected
payments.
Not obtaining a comparative market analysis prior to the purchase
offer should also be avoided. Keep in mind that the price of a home is
a very important consideration hence, it is essential to get accurate
information on the market value to avoid paying for an overpriced
residential property. A comparative market analysis will contain
details on the number of comparable homes that recently sold in your
chosen location, their prices as well as the latest price trends. The
seller normally asks for this same information so there's no reason
why the buyer should not get one for himself.
In line with the purchase price, many buyers and their representatives
fail in the negotiation part of the transaction. But if the proper
negotiating skills are put into use, there's a good chance that the
buyer can haggle for a lower home price and even get extras like
appliances and fixtures included in the deal. Experts recommend that
buyers learn the art of negotiating to get the best deal with minimum
problems. Also, if you are able to negotiate well, you may motivate
the seller to pay the closing costs and minor repairs. If, as a buyer,
you are in doubt of your capacity to negotiate, then by all means,
seek the help of a real estate agent or get tips from your real estate
lawyer.
Meanwhile, failing to make conditions on the purchase offer is one big
mistake. Offering some conditions on the purchase of a home often
gives the buyer a way out of the deal should worse comes to worst.
Essential conditions that should be included are on the conduct of a
professional home inspection and an independent appraisal as well as
on home warranty and insurance coverage. A home inspection done by a
specialist is meant to provide the buyer with information on the
property's condition and existing defects while an appraisal ensures
the buyer of the fair market value of the home.
Finally, a common mistake to avoid is accepting verbal agreements.
Sometimes, buyers are so engrossed with the house that they're about
to buy and the promises made by sellers. But remember to always put in
writing everything the seller offers whether big or small appliances
or furniture included in the sale or paying extra
costs.
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