GRAND RAPIDS HOME BUYER TIPS

Grand Rapids Home BuyerBuying a home can be one of your most significant investments in life. Not only are you choosing your dwelling place, and the place in which you will bring up your family, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. The goal of this page is to provide you with detailed information to assist you in making an intelligent and informed decision. Remember, if you have any questions about the process, I’m only a phone call or email away!

Tip #8: Writing an Offer – Safeguards Regarding the Property

Disclosures From the Seller

Although you have toured the property, looked at the walls and ceiling, turned on the faucets and played with the light switches, you have not lived in it. The seller has years of knowledge about his or her home and there may be some things you want to find out about as quickly as possible. For this reason, you will require certain disclosures as part of your offer.

Basically, you want the seller to disclose any adverse conditions that may have a substantial impact on your decision to purchase the home. This would include any problems with the house, whether the property is in a flood zone, a noise zone, or any other kind of hazardous area.

If you have an agent representing you, this is almost automatic, but many states do not require individuals selling their own home to provide you with this information. Often they do not require banks selling foreclosed property to provide these disclosures, either. Obtaining these types of disclosures should always be a part of your offer, and time is of the essence.

Condition of the Property

The last thing you want when you assume possession of your new home is to find it in a total mess. Therefore, you should make it clear in your offer that certain minimum standards are required. If you do not, you might find out the seller or neighbors have begun using the back yard as a trash dump, or something worse – and you would not be able to do anything about it.

Some of the requirements you might want to include in your offer are that the roof does not leak, the appliances work, the plumbing does not leak, that there are no broken or cracked windows, the yard has been kept up, and any debris has been cleared away.

Inspections You Should Require

Besides appraisal and the termite inspection, you should also have a professional go through the house and seek out potential problems. Of course, you will have inspected the home, but you are not used to looking at some things that a professional will find. Even if they are not things the seller is expected to repair, at least you will have foreknowledge of any potential problems.

The seller will want this inspection performed quickly, so that you can approve the results and move forward with the purchase. Once you receive the inspection, you will want to allow yourself sufficient time to review and approve the report. If you do not approve the report, you may negotiate with the sellers on which repairs should be performed and who should pay for those repairs. Otherwise, you can cancel the purchase without penalty, provided you have included timetables in your offer.

Allow a maximum of ten to fifteen days to receive the report and five days to review it.

Final Walk-Through Inspection

Before closing, you will want to revisit the property to ensure it is in the condition you have required in your offer, and to inspect that any required repairs have been performed. You should do this no sooner than five days before you intend to close. Make sure this right to do a final inspection is included in your offer to purchase the home.

More Home Buyer Tips

Tip #1: Benefits of Owning Your Own Home

  • The Best Investment
  • Income Tax Savings
  • Stable Monthly Housing Costs
  • Forced Savings
  • Freedom and Individuality
  • More Space

Tip #2: Important Things To Avoid Before Buying a Home

  • Don’t Move Money Around
  • The Effect of Changing Jobs
  • No Major Purchases of Any Kind

Tip #3: Don’t Buy a Car – or Did You Already Buy One?

  • When Income Grows and You Want to Buy “Stuff”
  • Debt-to-Income Ratios and Car Payments
  • How Buying a Car Reduces Your Purchase Price

Tip #4: The Business Cycle and Buying a Home

  • Recession and Expansion
  • Supply and Demand
  • Should You Try to “Time the Market”?

Tip #5: Comparable Sales and Your Offer Price

  • Determining Your Offer Price
  • Comparable Sales in the Public Record
  • Comparable Sales in the Multiple Listing Service
  • Comparable Sales – Pending Transactions
  • Other Factors Influencing Your Offer Price

Tip #6: Major Factors Influencing your Offer Price

  • How Property Condition Affects Your Offer
  • How Home Improvements Affect Your Offer
  • How Market Conditions Affect Your Offer
  • How Seller Motivation Affects Your Offer
  • The Final Decision on Your Offer Price

Tip #7: Offering to Purchase Real Estate- the Basics

  • Introduction and Overview
  • Contingencies in a Purchase Offer
  • Earnest Money Deposit
  • The Closing Date
  • Transfer of Possession

Tip #8: Writing an Offer – Safeguards Regarding the Property

  • Disclosures From the Seller
  • Condition of the Property Upon Transfer
  • Inspections You Should Require
  • Final Walk-Through Inspection

Tip #9: How Financing Details Affect Your Offer

  • Down Payment
  • Interest Rates
  • Closing Costs and Financing Incentives
  • Seller Financing
  • Cash Offers
  • Other Financing Details in Your Offer

Tip #10: How FHA and VA Financing Affects Your Offer

  • Extra Costs for the Seller
  • VA and FHA Appraisals

Tip #11: Selecting Service Providers

  • You and the Seller Must Agree
  • Escrow and Settlement
  • Title Insurance
  • Termite and Pest Inspection

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