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Offer: It greatly depends if you need help with closing cost, (The seller can do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle to much over the price, since you are asking for closing cost help - especially if the home is thru a realtor, and the seller has to pay the realtor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Start off at 10 percent below market, and ask for seller concessions toward closing costs. If you need the money for closing costs. If you have money saved, you may want to buy new carpet, decorate, etc with the money you have. So it does not hurt to ask for sellers to help pay some or all of your closing cost. If they do not like your offer, than you counter offer again, and go back and forth, until you are all satisified. Have your been approved for a loan yet? That gives you an idea on the range of what you can afford.
Cost associated with your loan. You will need to pay for the appraisal up front (when it being done). You will need to pay for The Home Owners Insurance Coverage for 1 YEAR . The seller can help you with up to 6 percent of closing cost on FHA, and up to 3 % on a 100 percent loan. So the title fee, lender fees, underwriting fees, broker fee, processing fee, flood cert, etc can be paid for by the seller.
If this is the home you are wanting, you will want to get a home inspection. Why? Find a qualified inspector. You'll want to find a qualified professional affiliated with the American Society of Home Inspectors or American Association of Home Inspectors to examine your Heating and central air conditioning systems, interior plumbing, electrical systems, the roof, attic, visible insulation, walls, ceilings, floors, windows, foundations, and basements are among the key inspection points. Inspections may also include appliances and outdoor plumbing. The inspector will provide a report and if there are any major problems, they can be negotiated with the seller. Or you can back out of the deal altogether.
Failing to obtain a home inspection from a qualified inspector The job of a professional home inspector is to look over every major part of a home and write a report that judges the home’s quality and condition. A home inspector reports on the structural and mechanical condition of the home. After the inspection, you will have the facts you need to make a decision about buying your home.
A well-qualified inspector who has adhered to federal licensing standards can spot problems that you might not be able to see. Expect problems to be clearly explained, repair expenses closely calculated, maintenance costs estimated, and a written report delivered within a day or two.
Most contracts are written conditional on the outcome of several inspections. These inspections may include several items including inspection for wood-boring insects, excessive amount of radon gas, structural soundness, and the condition of the heating, wiring, and plumbing. When the contract is written, it should specify who would be responsible if there is a problem with the results of any of these inspections. If well written, home inspections can create a safety valve for both the buyer and seller. If poorly written, the result can be heartbreak or law suits. Your Realtor should be very familiar with the laws regarding home inspections. Many people have lost the home of their choice because the agent failed to comprehend this crucial report.
You must be certain which repairs and closing costs are your responsibility.
Failing to make your own inspection
You probably would not want to rely on the seller to point out defects in a house he is attempting to sell. There may even be hidden problems of which he is unaware.
Be sure your sales contract is worded so that any “earnest money deposit” must be returned in the event the house fails inspection. If a major defect is found, you have the option to cancel the contract and have your deposit returned, bargain for a lower price to compensate for the cost of repairing the problem, or have the owner make needed repairs before the sale.
Even before you get to the point of a contract and having a professional inspector look at the house, there are many items you can check yourself as you are shopping for a home.
Structure – Basement, check the foundation for cracks or water marks. Floors, are they level? Does the roof sag?
Water damage – Look for unevenly painted ceiling or wall; mildew odor in basement; signs of re-plastering or re-tiling in just one area of the room.
Water pressure – Flush toilet and turn on both hot and cold water faucets at the same time to test.
Plumbing – Ask what type pipes are installed and their age. If applicable, ask when the septic system was last inspected and cleaned. Stand near the tank to detect odor or soggy ground.
Wiring – A 100-amp system is typical in modern construction and uses a one-inch main line; this can be seen leading to the fuse box. Appliances such as dryer or range require a 220-amp line. Notice if lights flicker or don’t work. Check for electrical outlets . . . usually at least 2 in each room.
Energy efficiency – Ask to check last year’s heating and cooling bills. Determine if proper insulation has been used.
Pests – Be alert for small accumulation of sawdust in the basement. This might indicate an insect problem. Obtain date and results of the last wood-destroying pest inspection.
Good luck! |
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