From
Offer to Closing
Once
your offer has been presented to the seller the negotiating process
begins. There are liable to be numerous
counter-offers going back and forth between you and the seller. There are a few important things to
remember:
·
Your offer is just that
– an offer – until it has been accepted and agreed to by both you and the
seller. At any time during the
negotiating process another offer could come in and cause you to be in a
multiple offer – or worse – lose the house completely. A wise buyer will try to come to an agreement
with the seller in a reasonably short period of time.
·
Many contracts have
stipulations on when the buyer must make his mortgage application. Please be sure to check your contract and
abide by its requirements.
·
If your contract calls
for a home inspection and attorney review, please choose both of these as
quickly as possible and let your agent know who they are. Your service providers have a limited amount
of time to protect your interest.
·
Be sure to comply with
all requests of your lender after the mortgage application has been done. Not producing the documents or information
they need can jeopardize your getting your mortgage on time.
·
Generally, the buyer
accompanies the home inspector at the inspection. Please allow at least 2 to 3 hours for an average
inspection. More time may be necessary
for a large home.
·
Your agent will act as
coordinator for all activities from this point and will keep everyone in the
loop as far as what is going on. The
lender, home inspector, both attorneys, the other REALTOR, the title company
(or escrow agent) will all be performing necessary duties during this time.
·
If necessary your agent
and your attorney will work together to negotiate any repairs that were noted
during the home inspection. Remember,
routine maintenance items are not the type of thing that should be noted and
negotiated.
·
Your walk thru will be
scheduled as per your sales contract.
Your agent will schedule this with you, the seller and the listing agent. It should happen just prior to the closing.
·
If all of this sounds a little
overwhelming – don’t worry – you’re in good hands. Your agent has been through this many times and will be there for
you during the entire process. Relax
and enjoy the experience.
