Want to commune with some of your fellow soon-to-be homeowners
about their experiences making purchase offers? It helps to swap real-life dramas
with those who've been there and done it.
During the settlement process you're going to spend a lot
of money on points and down payments and the mortgage � plus fees for inspections.
Review your budget and be prepared to make some tough financial decisions.
Now that you've made an offer be certain to prepare realistically
for the pile-up of small costs associated with closing. They can add up to a significant
amount. Take the time now to investigate and estimate the total amount, over and
above the loan you'll need to set aside for settlement.
OK. So far so good! You've made the offer. Let's say it's
been accepted without further ado. What happens NOW?! Now you get to create a
binding purchase contract, which is four times as long as the Offer to Purchase
and covers each and every contractual issue in great, grim & gory detail.
Brace yourself to pore over every paragraph, clause and line item in the Contract
to Purchase to be 100% certain that you understand and agree with everything the
document stipulates. Otherwise, it can come back to haunt you.
There's a lot of detail involved in a real estate transaction.
You need to be as pleased with the terms of your contract as you are with the
price of the home. Don't let legal jargon and lengthy text prevent you from reading
each and every paragraph and clause. It may not be as exciting as the latest bestseller,
but it will reliably have more action and impact on your immediate life.
Everything in a real estate deal is negotiable. That is
the beauty of it. You can look at a property and offer less than the list price
and often get the house-just try that at your local supermarket! You can even
ask to take all the curtains and furniture if you want. You may not get it, but
then again, you might.
by-the-way, we want the cat, too."
One actual real estate deal
even included a cat that lived in the house. The buyer agreed to take the house
on the contingency that the cat stayed. The seller said, "okay" and
the deal closed. Buying a house may not be the best way to acquire a pet, but
it makes the vivid point that you can negotiate for a lot more than you may have
realized. The key is to start your negotiations with the contract, not after.
If you don't include it in the contract before both parties sign, forget it. You
can ask later, but you aren't likely to get anything extra you may want.
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