Congratulations! You’ve found a house you’d like to call home! Yup, you’re scared! That’s perfectly normal! Matter of fact, I’d be concerned if you weren’t a bit nervous! It’s a BIG DEAL to buy your first home, or your second or third for that matter! A bit of nerves will keep you alert as you go through the process and that’s not a bad thing at all
So what happens next? What exactly is involved in writing an offer?
- First thing to do is breathe and remember WHY you started the house hunting process. Keep your big goal in mind and don’t let your nerves get the better of you. A few months from now today’s nervousness will be a distant memory and you’ll be happily living in your wonderful new home!
- Next your Realtor will prepare a comparative market analysis on the property you’re considering purchasing. This will help you determine not only your initial asking price but the final price you may be willing to pay for the home.
- Your Realtor will then pull a copy of the title for the home. This will show the legal names of the sellers and provide other important details.
- Together with your Realtor you will decide on a number of items you will put in the offer, including:
- Your preferred possession date
- The items you’d like included in the sale, such as appliances.
- The conditions you want to include, such as financing and a property inspection and/or review of condominium documents. Other conditions could include having your lawyer review the contract or seeing a copy of the lease for tenants if there is a suite in the home you have chosen.
- The amount of deposit you’ll put down to show the sellers you’re serious. This forms part of your down payment and it is cashed once the offer is accepted. Often deposits are provided in two stages, one portion with the initial offer and a second amount when the conditions are all satisfied and the home is considered sold.
- The amount of your total down payment (including your deposit).
- And of course, the amount you’d like to offer as a purchase price!
- Once this is all written into the offer, you and your Realtor will review it to make sure that everything is exactly as you intend.
- Then it’s time for your Realtor to take the offer to the seller’s Realtor to present it. And the negotiations begin! Negotiating your offer is a whole other topic, but some good advice is to remember to put yourself in the seller’s shoes while also keeping your own best interests in mind. Ask your Realtor for advice every step of the way, and it is very likely that within 24 hours you will be one step closer to being a homeowner!
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Click here for more helpful info for buyers from the Real Estate Council of Alberta
Don’t miss out Kathy’s next article on negotiating your offer!Original Source