Jeff’s Carlsbad Blog for First Time Home Buyers

How to Become a Good Buyer! (Part 3 of 5)

Posted in Due Diligence,Forms,Inspections,Realtor's Job by Jeff Dowler on December 7, 2006

inspector2.jpgHere are some more important things to know so that you can be the best buyer possible.

  • Make an offer – Now that you found the property you wish to purchase, you will need to make a written offer (a verbal offer is meaningless). This is done on the required state form, and you will also need to include a deposit. The offer will outline terms and conditions as well as your contingencies (commonly, buyers make offers contingent upon the mortgage and home inspection). Your REALTOR will assist you with the required paperwork and will present the offer.
  • Offer acceptance OR rejection – Once the offer has been presented to the seller, he or she can respond in one of several ways. The seller may simply accept it (the best situation), or may counter offer with one or more changes (e.g., price, close of escrow date). Any changes negates the initial offer and create a NEW counteroffer which you must consider. If the offer is not acceptable, the seller may reject it outright without a counteroffer; rejection may also be indicated by the seller not responding at all during the time frame you stipulate.
  • Contingency Period – after offer acceptance (both parties must sign) there will be many things for you to accomplish, including documents to review and approve (this will vary depending upon state and/or federal requirements). If the offer is contingent on a home inspection you will need to select a inspector. It is important to understand the role of the inspector and your rights as a prospective homeowner.
  • Conduct home inspection – The home inspection is YOUR opportunity to learn about the property and the inspector will determine if there are substantive mechanical, structural or other defects. Issues arising out of the home inspection MAY cause you to rethink your decision to purchase the property, or you might decide to request the seller to make certain repiars. An inspection is NOT required however it is a smart thing to do. The purchase contract may not allow you to back out of the deal unless there are documented deficiencies in the inspection.

 Please check back in a few days for Part 4 of this series. Please let me know if there are any questions.


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