Who Represents You?

Once you find the house you want, you need to move quickly to make your bid. If you're working with a buyer's broker, then get advice from him ( donkhoury@remax.net ) on an initial offer. If you're working with a seller's agent, devise the strategy yourself.

Making a bid

Have us at RE/MAX Regency email you data on at least three houses that have recently sold in the neighborhood. Sit down with Don and determine the true market value of the property. Understanding what you are trying to accomplish "within this move," is almost as important as to why you are moving.

Another factor to consider in determining your bid is whether the trend in recent home sales is up or down over the past few months.

There's no foolproof system for negotiating a fair price. Most often it is better to deal with RE/MAX Regency. Never let the other side begin to believe you are negotiating in bad faith or being deceptive -- any deal you eventually reach has to involve trust on both sides. Be creative about finding ways to satisfy the seller's needs. For instance, ask if the seller would throw in kitchen and laundry appliances if you meet his price -- or take them away in exchange for a lower price. Remember, too, that your leverage depends on the pace of the market. In a slow market, you've got muscle; in a hot market, you may have none at all.

Evaluating the purchase agreement

Have your buyer's agent ( RE/MAX Regency ) prepare this document to make sure the deal is contingent upon your requirements and requests such as:

1. Your obtaining a mortgage;
2. A home inspection.
3. A guarantee that you may conduct a walk-through inspection 24 hours before closing. This last clause allows you to check the home after the sellers have moved out, or at an other pre-arranged time.

You also need to make a good-faith deposit. That "earnest money deposit " will be deposited into an escrow account, to then be utilized by the purchaser.

Now RE/MAX Regency and you discuss your future mortgage broker or lender and move quickly to agree on terms. Expect to pay $50 to $75 for a credit check at this point, and another $150 to $300 for an appraisal of the home. Most other fees will be due at the closing. Also, if you don't already have one, look into taking out a homeowner's insurance policy. Ask for recommendations from friends, your lawyer or RE/MAX Regency your real estate agent. Most lenders require that you have homeowner's insurance in place before they'll approve your loan.

Last-minute details

In addition to the appraisal that the mortgage lender will procure on your future home, you should hire your own home inspector. Again, ask RE/MAX Regency for referrals, or check with the American Society of Home Inspectors, a trade group. An inspection costs about $300 to $350 and take two to four hours. You should be present during the inspection. You will learn a lot about your house, including its overall condition, construction materials, wiring and heating. If the inspector turns up major problems, like a roof that needs to be replaced, then ask RE/MAX Regency to prepare documents that request what repairs or replacements needed. You will either want the seller to fix the problem before you move in, or deduct the cost of the repair from the final price.

About two days before the actual closing, you will receive a final HUD-1 Settlement Statement from RE/MAX Regency that lists all the charges you can expect to pay at closing. Review it carefully. It will include things like the cost of title insurance that protects you and the lender from any claims someone may make regarding ownership of your property. The cost of title insurance varies greatly from state to state but is usually priced at approximately $4 per thousand of the home's price. The lender might also require you to establish an escrow account, which it can tap if you fall behind on your mortgage or property tax payments. Lenders can require deposits of up to two months worth of payments.

After all these items are the precursor of the actual closing, which is often somewhat anticlimactic, though perhaps still nerve-racking. It's a ritual affair, with the customs of our area. RE/MAX Regency can brief you on the particulars.

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