The Process of Buying Your First Home In Cabot AR; Part 3

Last week I wrote about the little things a good agent could do to help save you time when looking for your new home. Once you find a home you like you should have your agent ask for the property disclosure before making an offer. This will give you a chance to see everything the seller knows is wrong with the property. If you see the disclosure and it looks good the next step is the contract.

I will break up the contract writing part into a couple different posts.

The first part of the contract writing starts with your agent doing a market analysis to see what a good first offer on the home would be. Have them show you and explain why they think this would be a good offer. Your agent should be able to explain all of the comparable homes they used and why they used them.

Once you find a good offering price you need to take your closing costs into consideration. Are you going to pay for them or do you want the seller to? Closing cost will have an effect on the offering price of the house. If you want the sellers to pay closing costs you may need to offer a little more on the purchase price. Another thing to consider is having the seller buy down discount points for your loan. Discount points will reduce you interest rate. If your agent thinks that is something the sellers may go for he/she just hasto write that the seller will pay closing costs, prepaids, and discount points. These are all important things to consider when writing a contract. The offering price also depends on other issues that may concern you. I will take time to discuss some other key issues next week.

For more information about Cabot AR real estate click on the link.

Good Day