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Always ask for the exact terms you want. If the seller turns you down, at least they know they’re dealing with a savvy negotiator. However, the fewer hoops the seller has to jump through, the greater your chance of being accepted. Consider whether you are in a buyer’s or seller’s market before setting contingencies.
1. Fill in the names of the buyer(s) and seller(s). Include the phrase “and/or Assignee” to allow for a co-owner to be added later.
2. Fill in the exact address, legal description, parcel number or any other necessary description. Attaching an addendum stating a precise location is always a safe bet. Add the words “subject to buyer’s approval of a survey” Confirm both the exact city/jurisdiction and the school district of the property.
3. Your agent will help you determine the appropriate amount of earnest money to include with your offer.
If you are making a low offer, include more earnest money. A deposit is not required, but sellers expect one. One percent of the selling price or $1,000 is usually acceptable. Promising to raise the deposit to 5% when the contingencies are eliminated is a good tactic.
Don’t actually give the deposit to the seller until your offer is accepted. Have a neutral third party, such as an escrow company, hold it. You also have control over where the money is held until closing.
4. Your offer should state “contingent on mortgage approval.” Describe the terms of the mortgage you are seeking: “15 year adjustable $300,000 mortgage with an interest rate no higher than 7%, and maximum monthly payment of $900.00.”
5. Outline requested seller financing in detail: “seller to carry back first mortgage.”
6. Include a detailed list of every item you want included, but don’t just say “stove.”
Say “black Wolf range model #X50.” This prevents substitutions by the seller.
7. Prevent “shopping” of your offer by specifying a short acceptance time—24 hours is standard.
8. Make your offer contingent upon your authorization of the seller’s disclosure of defects (if required by your state).
9. Stipulate that the seller will pay for the repair of major defects uncovered in the inspection, and that your deposit will be refunded if they refuse.
10. It’s smart to set a maximum liability amount in case you have to back out of the deal.
11. Don’t sign an arbitration clause. You can determine later the proper arena for handling disputes.
12. If you or your agent feels it’s necessarily, include a “weasel” clause. “This contract and offer are conditional upon legal counsel’s review within 7 business days.”
13. Don’t include a clause that says “All cash to seller” if you’re waiting on loan approval.
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What are the advantages of being a homeowner?
Personal freedom, value and tax advantages are some of the top reasons why people own their homes.
Link to Why Buy a Home (ours)
Where should I start my search?
On the information superhighway, of course. Check out asking prices (to compare later to selling prices), take virtual tours, look at crime statistics for neighborhoods. Compare features so that you can discuss your “must have” list with your agent.
How long will the search for my dream house take?
If you have a good agent who’s been thoroughly briefed on your needs, you may find your perfect house within a couple of weeks. If your idea of heaven does not include a Sunday afternoon of house hunting, ask your agent to preview home before showing them to you.
Have a carbohydrate-rich, sugar-free meal before you go house hunting, and bring your digital camera. Take a picture of the home address first at each house to avoid confusion. Take notes on every detail. They will add meaning to the photos. Grade each house A through F.
How many houses should I look at in one day?
Somewhere between 3 and 7, unless you are on a very tight deadline. When you find one that seems perfect, make an offer as soon as possible. You can always include an “out” clause.
Identify the semifinalists
Narrow the field to three, and go over them top to bottom. Have your agent find out as much as possible about the seller’s circumstances. Remember that your agent is legally required to show you any defects.
What are you waiting for? Pick the winner and make an offer the seller can take seriously.
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Buy a building containing less than 5 units, and this HUD-insured program will base your loan on the post-renovation value of the premises. You can expand a one-unit building or reduce a 2-4 unit building. You can even rehabilitate a mixed-use property.
You must live in the building yourself. Loans are subject to property appraisal and approval of your credit.
This program not only gives buyers a leg up, but also spurs community restoration all over the country. You can apply through any FHA-sanctioned lender.
Link to: www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm
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Habitat for Humanity has been housing families in need for 3 decades. First, let’s dispel a few myths. Jimmy Carter did not found Habitat, although it did originate in his home state of Georgia. Habitat homes are not free and not government affiliated. While Habitat is Christian-based, religious affiliation is not a factor in choosing homeowners.
Habitat homes feature volunteer labor, economical building techniques, energy efficiency and interest-free loans. Your mortgage is calculated based on 1/3 of your after-tax income. You are expected to work with the Habitat organization to accrue up to 500 hours of ‘sweat equity.’
Your house will probably be wood frame, with Gypsum board interior walls, vinyl siding and an asphalt shingle roof. Alternate building materials are adobe and hay bales.
Expect your house to be on the small side. The average size of a 3 bedroom Habitat house is 1,050 square feet.
The biggest downside is that once approved, you could wait up to five years for a home.
Call (800) 422-4828, x 2551 for more information.
Link to http://www.habitat.org
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That’s right. The best season to bargain house hunt is winter, and the best day of the whole year to make an offer on a house is Christmas. And guess which month has the lowest home prices? December.
Why?
If someone has listed a home over the holiday, they are definitely a motivated seller.
Holiday cheer may spill over onto your offer.
There is pressure from the seller’s family to be generous, and also to get back to family doings.
Similarly, Easter Sunday is a good day to buy in a busy spring real estate season. And the advantage over Christmas is that there is more housing stock to choose from. Easter Sunday falls between March 22nd and April 25th.
In each case, have your agent print out a list of the most likely homes you’ll write offers on a few days before the holiday. You might even want to alert the seller’s agent that an offer will be coming in and find out where the seller will be on the actual holiday.
You’ll need an ambitious go-getter of an agent, who’s willing to work the holiday and not be shy about presenting the offer.
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It seems really overwhelming, doesn’t it? Your homeowner friends spend every weekend doing fixit projects. And they seem to sink every penny into their homes. Better to remain a carefree renter, right? Wrong!
Freedom
No more overbearing landlord breathing down your neck. Get a dog. Get 9 dogs. Paint your rooms burnt umber. Blare your music. Drill a hole in the wall. Go nuts. It’s your place.
Value
It’s a sure thing. Your home will be worth more tomorrow than it was yesterday. It’s a good way to beat inflation.
Tax Advantages
One of the best tax shelters available today.
Property taxes: Deductible for both your primary and one vacation home
Mortgage Interest: Your may deduct mortgage interest if you owe less than you paid for your home. During the first years of your mortgage, when your payment is mostly interest, this is a huge deduction.
Capital Gains: You may deduct $250K if filing singly and $500K if married every two years. You must actually reside in the house for 2 out of 5 years.
Capital Asset: Deduct more than the capital gains limit if you’ve owned your home for more than one year.
Build Equity: Corny but true–every time you pay your mortgage, you’re building a nest egg to draw upon later. If you pay off additional principal, you build your nest egg faster. Equity loans can be used to pay down expensive credit card debt.
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