 |
Hopefully, the process of finding a home you want to purchase has been an enjoyable one. Now that you have found a home you would like to purchase, what happens next?
Making an Offer
It's time to make an offer. When making an offer there are several factors that need to be taken into account.
First is the market trend in the neighborhood, what are similar homes listed for, how much did they sell for? This is a very important step which establishes the fair market value of the home.
Another factor to consider before making an offer is the property condition. Is the property condition the same as, better than, or less than the similar homes in the neighborhood?
Market Condition will also play a role. In a hot seller's market, properties tend to sell quickly for listed price or sometimes even higher. In a buyer's market homes may stay on the market longer, whereby the seller is more likely to compromise.
The purchase agreement (offer) spells out the terms you are willing to offer the seller, like purchase price, earnest money, down payment, loan amount, due diligence period, title company closing costs, close of escrow and posession. The offer for purchase sets the guidelines for how the transaction will take place.
Negotiate the Offer
Should the seller agree with the terms of your offer to purchase, they will sign the document and you will have a legally binding agreement. Should the seller nt find all the terms acceptable, they will send over a counter, spelling out terms they find more acceptable. The process of "Countering" will continue until there is a meeting of the minds solidified by both parties signatures. At this pint the Counter Offer(s), combines with the original Offer to Purchase, make a legally binding contract.
Due Diligence Period
Once the Agreement is signed, the Due Diligence Period begins. Within the agreed upon dates, all inspections should be completed, financing should be unconditionally approved and the buyer needs to approve or disapprove all property disclosures and reports. Should something be unsatisfactory with the condition of the property, the buyer is within their rights to cancel with no repercussions. This is also the time when the buyer can make requests of the seller to repair any conditions with the property.
Pre-Closing Preperations
As the closing date draws near, your real estate agent will contact the escrow company and your lender to make sure that all the necessary documents are being prepared, and that they are complete, accurate, and delivered in a timely manner. Your agent will also need to confirm that the documents will be delivered to the correct location so they can be reviewed and that they will be ready for the appropriate closing date. At this point, you and your agent should find out what form of payment you will need to bring to the closing for any unpaid fees. Make sure that your payment is made out to the appropriate party. Ensuring that each closing document is ready and available will enable you to have a quick, easy closing.
The Final Signing
In New Mexico the buyer and seller do not sit across the table to sign the closing documents. In fact, the two parties may never meet at all. You should have been presented with the Estimated Settlement Statement for review prior to coming in to sign. Reviewing this first will save a lot of headaches during the signing. Once you have signed all the documents, you are ready to take possession on the day spelled out in the Offer to Purchase.
Copyright © 2007 New-Mexico-Homes.info Jeannette Rigor. All Rights Reserved.
|
 |
 |
contact me by e-mail
|
 |
