Buying a home is a very detail-oriented process, and there's a lot of important things you can overlook if you're not organized.
Home buyers generally have the opportunity to do a last-minute inspection of the premises to make sure everything's up to standards prior to closing on the property.
A real estate buyer's agent can accompany you on the final inspection or provide you with advice on what to look for.
If you've already visited the home a couple times and had the house professionally inspected, you're probably well-acquainted with any major malfunctions, flaws, or repair issues. In many cases, home buyers may reach an agreement with the seller to fix, replace, or make allowances for mechanical or cosmetic problems. While real estate negotiations and sales agreements are as varied as the people and properties involved, there are typically dozens of things buyers need to check on before they sign the final documents and accept ownership of the property.
Final Walkthrough Tips
As you're doing the final walk-through of the house, it's necessary to remember or have notes on the condition of the home when you last looked at it. You'll also want to have a clear idea of what appliances, fixtures, and window treatments are supposed to be remain in the house after it's been vacated by the seller. Depending on how close your final walk-through is to the actual closing, that has probably already happened.
If there's anything missing that the seller agreed to include in the sale, then that's an issue you'll want to discuss with your real estate agent or attorney. Any property damage that may have resulted from moving furniture and other belongings should also be discussed before final papers are signed. The same thing would apply to landscaping changes that appear to be inconsistent with the sales agreement. Your buyer's agent and/or lawyer can serve as intermediary in getting these issues clarified and ironed out.
To make sure your final inspection is thorough, it's a good idea to have a "final walk-through checklist" to help keep you organized and focused. You'll want to take a last-minute inventory of items that are supposed to be included with the property sale, such as appliances, lighting fixtures, furnishings, window treatments, children's play structures, hot tubs, and anything else that was agreed to in the sales contract.
Other items you'll need access to may include garage door openers, manuals for appliances and mechanical systems, warranties, invoices for repairs made, and remote control devices for things like ceiling fans, alarms, and other systems.
Your checklist and final walkthrough should focus on a variety of items, including the working condition of appliances, the electrical system, plumbing fixtures, and the condition of walls, floors, ceilings, doors, windows, and landscaping features. For a complete checklist, look online or consult your real estate agent.
As you prepare to embark on the homebuying process, you may encounter a variety of homebuying myths. And if you believe these myths, the risk increases that you may be forced to deal with many problems along the homebuying journey.
Now, let's take a look at three common homebuying myths, along with the problems associated with these myths.
1. Buying a house is a quick, stress-free process.
The homebuying process may prove to be long and arduous, particularly for a first-time homebuyer. Fortunately, real estate agents are available to help you simplify the process of acquiring a top-notch residence at a budget-friendly price.
A real estate agent understands the challenges associated with buying a house. As such, he or she can help you identify and address these problems before they escalate.
Typically, a real estate agent will learn about what you want to find in your dream house and help you plan accordingly. With this approach, a real estate agent will ensure that you can enjoy a fast, worry-free homebuying experience.
2. Getting a mortgage won't take long at all.
There are many factors that will dictate your ability to acquire a mortgage that matches or exceeds your expectations. For instance, your credit score, income and outstanding debt will impact a lender's decision to provide you with a mortgage. And if you have experienced financial problems in the past, they may impact your ability to acquire a mortgage today.
It generally helps to get pre-approved for a mortgage before you enter the housing market. Because if you have a mortgage in hand, you can narrow your house search.
Also, it may be beneficial to shop around for a mortgage from several banks and credit unions. If you explore all of the mortgage options at your disposal, you can select a mortgage that suits your finances perfectly.
3. The first home that you see in-person likely will be the house that you'll end up purchasing.
The homebuying process offers no guarantees. And if you expect to buy the first home that you view in-person, you ultimately may be disappointed with the final results of your home search.
Oftentimes, it is a great idea to check out a wide range of houses. By conducting an in-depth home search, you can select a house that fulfills all of your homebuying demands.
As you search for a home, you may want to work with a real estate agent too. This housing market professional can set up home showings and keep you up to date about open house events.
Furthermore, a real estate agent is happy to provide homebuying recommendations and suggestions. He or she will do whatever it takes to help you find a terrific residence, as well as negotiate with a seller's agent on your behalf to ensure you won't have to pay too much to acquire your ideal house.
The aforementioned myths can be harmful to any homebuyer, at any time. If you hire a real estate agent, however, you can learn the ins and outs of the housing market and avoid potential hurdles throughout the homebuying journey.
If you plan to submit an offer to purchase a home, there is no need to leave anything to chance. And in most instances, it is a good idea to put your best foot forward with your offer to purchase. That way, you can boost the likelihood of receiving an instant "Yes" from a seller and moving one step closer to acquiring your ideal residence.
Now, let's take a look at three tips to help you put together a competitive homebuying proposal.
1. Study the Housing Market
The current state of the housing market may impact the definition of a competitive offer to purchase. For instance, if the housing market favors buyers, you may face limited competition to acquire your ideal residence and can craft your offer to purchase accordingly. On the other hand, if the housing market favors sellers, you may need to submit an offer to purchase at or above a seller's initial asking price to secure your dream home.
Take a close look at the housing market and analyze market data. Then, you can differentiate a buyer's market from a seller's market and determine how much to offer for a house.
2. Weigh a House's Pros and Cons
A home has its strengths and weaknesses, and as a property buyer, you should dedicate time and resources to learn about all aspects of a residence. By doing so, you can determine whether a residence is right for you and submit an offer to purchase based on a house's age and condition.
Consider any home repairs that may need to be completed as well. If you understand the costs of potential home improvements, you can craft an offer to purchase that accounts for these tasks.
3. Collaborate with a Real Estate Agent
Submitting a competitive offer to purchase sometimes can be difficult for experienced and first-time homebuyers alike. Fortunately, if you work with a real estate agent, you can get the help you need to create an aggressive offer to purchase.
A real estate agent understands the ins and outs of buying a house and can offer expert insights into the property buying journey. He or she will teach you about the real estate market and respond to your homebuying concerns or questions. In addition, a real estate agent will help you find your dream home, set up house showings and keep you informed about residences that become available and fit your homebuying criteria.
Furthermore, a real estate agent can provide in-depth housing market data and insights. He or she ultimately can help you take the guesswork out of crafting a competitive homebuying proposal. And as a result, a real estate agent will do everything possible to ensure your offer to purchase matches a seller's expectations.
Ready to submit an offer to purchase your dream residence? Take advantage of the aforementioned tips, and you can bolster your chances of acquiring your ideal residence in the foreseeable future.
There are a number of steps involved in buying a home. One of the many important things you should do before closing on a new home is to get the house properly inspected.
Buyers sometimes avoid getting a professional inspection for a number of reasons. Some are on a tight budget and want to save a few dollars. Others have time constraints and want to close as soon as possible. And, many buyers believe that omitting an inspection is a way to show trust in the previous owner.
In this article, we’ll talk about why getting a home inspection is such an important part before closing on a real estate deal.
Closing on a home comes with a number of expenses. Application fees, origination fees, underwriting fees… the list goes on. If you’re buying a home, you might be tempted to opt out of getting the property inspected to save money.
The cost of an inspection ranges anywhere from $200 for smaller homes, to $400 or more for large homes. However, the cost of not getting your home inspected can be much greater. Even if you’re knowledgeable when it comes to houses, there are a number of things that only the experts can diagnose.
Having a professional inspect the home is the only way to ensure that there aren’t any issues that will come back to haunt you (and your wallet) in the months and years to come.
Many buyers are eager to close the deal and begin moving into their new home as soon as possible. Sometimes buyers need to vacate their old home before a certain date, others try to time their move around holidays or school vacations.
There are other ways, however, to make sure you get the house inspected in time. First, make sure you’ve included a home inspection in your purchase agreement. This will avoid wasted times debating whether or not you are entitled to inspect the home.
Next, call multiple inspectors in your area for quotes and availability. Delaying this step can make you lose time, and inspectors might charge you more if they have to squeeze you into their schedule.
The best time to schedule an inspection is as soon as your offer is accepted.
Maintaining a good relationship with the seller
It may seem like an act of diplomacy to waive a home inspection. In reality, however, nearly all sellers will understand that you are simply doing due diligence to make sure the process runs smoothly for both of you.
Sellers might sometimes offer you the findings of a previous inspection that they had done. In this case, it’s still important to have your own inspection done so that you can walk through the home with the inspector and listen to their feedback. You can’t be sure of the accuracy of any old reports, and the previous inspector is only accountable to the seller.
Having a home professionally inspected is almost always a good idea. It can save you time and money in repairs that could have been avoided.