Step 3 - The Big Step
This is the exciting part. You've found a house that seems just right or close to your dream. This should be enjoyable process because we done a lot of work deciding on this home.
First, we check out the homes sold that are similar to this home to see if they are in the same price range. We also use these sold's to compare square footage of the home, the lot size, average time on market, and home style. This is called a CMA (comparable market analysis) and tells us how similar homes were sold.
We'll find out how long the home has been on the market and if there have been price reductions. Then we look at how quickly the seller would like to sell his home, that is how motivated is he to accept our offer.
After looking at a few homes you will begin to know the value of the homes we see. You will feel comfortable knowing if the price is just right, too high or maybe even low. We will know what to offer once we see the pricing on homes in the area.
Once we know what our offer is going to be, we begin the paperwork. The contract is provided by the Arizona Association of Realtors to make sure we cover all the bases to have a solid offer. This contract is created by many other groups input including attorneys, appraisers, loan companies, inspections companies and the Real Estate Board of Realtors.
We will go over the contract together so you will know what we are offering the seller. In the offer we include the amount of Earnest Money we will be giving to the Escrow Company we name, to show your strong intention to buy. The offer will discuss the financial aspect of your purchase including down payment and loan information. The contract talks about disclosing important facts that will be given to us in a separate document, so that we know what we are getting.
We will discuss the possibility of having a home inspection and getting Home Warranty Insurance (not to be confused with Home Owners Insurance). The Home Warranty provides a year of maintenance for most mechanical, electrical and plumbing in the home for a small service fee.
So the final piece is what happens if buyer or seller don't follow through with the contract, the Remedies are spelled out for each. This remedy may be mediation, arbitration, or court action depending on the situation. This rarely happens but it is nice to know it is available.
Now that we have all that behind us, as the buyers advantage expert I present the offer to the sellers agent and perhaps the seller and begin negotiations. Now I work very hard with the agent and seller to show your point of view and show off all the hard work we did. As a negotiation expert I always plan with you on how we will present the offer. We talk about what we might be will to negotiate you and seller both feel that you have a won on the deal.
Now when we get a response if we need more negotiations, I will go to bat for you until you are satisfied. My 20 years experience in real estate will be supporting your offer. Remember you have my team and me to help you in every step.
Once the offer is accepted we have 10 (ten) days to do inspect the home. We can go along with the inspector and learn about the home. You will receive a detailed report from the inspector and we can all review it together. Any repairs will be requested in writing and the seller has 5 (five) days to respond.
After we complete the inspections and get satisfactory response we move forward to closing.
Call me now to get started 480-694-8807 or
