Touring Homes & Making an Offer
- Fine Tune Home Search Criteria. This will help the search process by identifying potential homes.
- Your Homework. Drive through neighborhoods, this can help you know the areas you want to live in.
- Know Your Limitations. Identify if you want move-in-ready or willing to do some work.
- Homes for Sale. If you see a home you like when driving around, make a note of the address and contact your Broker. They can verify its availability and help determine if it’s a “possibility” for you.
- Touring Homes. Your broker will confirm the availability of the home and schedule the showing time.
- Viewing Homes. In an active market be flexible to view homes quickly. Your Broker will provide you with the information on each home to be viewed.
- Take Pictures. Taking pictures of the neighborhood and exterior are a great thing to do.
- Limit the Number of Homes Viewed at One Time. This is important to help with a smooth process and minimize feeling overwhelmed.
Once we find “the” property you’re ready to call home, we will discuss the offer strategy.
- Sellers consider location, and condition of their home when establishing the listing price.
- Homes in top condition sell for the most money.
- Your broker can suggest ways to improve your negotiating position.
- Keep in mind that your purchase offer is only binding when the sellers agree to the buyer’s terms or the buyer agrees to your counter offer.
- Every change you or the seller makes means the other party can walk away from the deal entirely.
THE APPRAISAL PROCESS
Once you are under contract, your lender will send out an appraiser to make sure the purchase price is in line with the property’s value.
- Appraisals help guide mortgage terms.
The loan-to-value (LTV) ratio is based on the appraised value and helps lenders figure out how much money may be borrowed to purchase the property and under what terms.
- Appraised value is not a concrete number.
Differences in appraisals maybe found depending on timing, the appraiser, and the market conditions. Appraisals are simply a professional opinion.
- Appraised value doesn’t represent the whole picture of home prices.
There are special considerations that appraised value doesn’t take into account, such as the need to sell rapidly.
- Appraisers use data from the recent past.
Appraisals are often considered somewhat backward looking, because they use sold data from comparable properties to determine value.Keep in mind that your purchase offer is only binding when the sellers agree to the buyer’s terms or the buyer agrees to your counter offer.