Ron Molcho

STEP 6

MAKING AN OFFER

PRIOR TO PRESENTING AN OFFER ASK YOUR REALTOR FOR COMPARABLE SALES IN THE NEIGHBORHOOD. REQUEST SIMILAR STLYE HOUSES,WITH SIMILAR SQUARE FOOTAGE AND THE CLOSED SALES WITHIN A HALF MILE RADIUS FOR THE PAST 6 MONTHS.THOSE NUMBERS WILL GIVE YOU A MEASURE OF WHAT THE HOUSE IS WORTH. ADD A FEW DOLLARS FOR HOMES THAT ARE IN EXCELLENT CONDITION. TAKE AWAY A FEW DOLLARS FOR HOMES THAT REQUIRE SOME WORK. STAYING ON TOP OF THE MARKET WILL ENABLE YOU TO PRESENT A FAIR OFFER.

STEP 7

LEAVE ROOM FOR A COUNTER OFFER.

MOST SELLERS WILL LIST THEIR HOMES ABOVE THE ACTUAL SALES PRICE THEY ANTICIPATE RECEIVING. THEY EXPECT TO ENTER INTO SOME NEGOTIATIONS.WHEN YOU PRESENT YOUR FIRST OFFER ,LEAVE ROOM FOR A HIGHER COUNTER . IN A BUYERS MARKET DON'T BE SHY(BUT BE REALISTIC)ABOUT THE AMOUNT YOUR 1^ST OFFER WILL BE. THROW ALL THE ITEMS YOU WANT INTO THE FIRST OFFER.NOW IS THE TIME TO ASK.

STEP 8

NO GAMES HERE PLEASE.

HAVE A BACK UP PLAN.WHEN YOU PRESENT AN OFFER THAT IS FAIR AND THE SELLER IS HESITANT ABOUT ACCEPTING OR COUNTERING THAT OFFER,CHANCES ARE THAT THEY MIGHT NOT BE INTERESTED IN SELLING. EXPRESS YOUR CONCERNS TO YOUR AGENT AND LET THEM KNOW THAT YOU WILL MOVE ON IF YOU DO NOT RECEIVE FEEDBACK W/IN A FEW DAYS.THERE WILL ALWAYS BE OTHER HOUSES.

STEP 9

CONGRATULATIONS , YOUR OFFER HAS BEEN ACCEPTED.

PUT ALL YOUR DUCKS IN A ROW.CALL YOUR ATTORNEY AND LET THEM KNOW THEY SHOULD BE EXPECTING CONTRACTS.NOTIFY YOUR HOME INSPECTOR AND SET UP AN APPT. IMMEDIATELY,MOST ATTY'S WILL HAVE YOU DO THE HOME INSPECTION PRIOR TO ENDORSING CONTRACTS.ONCE YOU ENDORSED THE CONTRACTS,MEET WITH YOUR LOAN OFFICER AND BEGIN THE MORTAGE PROCESS . IF ALL YOUR PAPERWORK IS IN ORDER MOST TRANSACTIONS WILL CLOSE WITHIN 90 DAYS.

STEP 10

CLOSING TIME !

48 TO 72 HOURS PRIOR TO CLOSING YOU SHOULD DO A fFINAL WALKTHRU.CHECK OVER THE HOUSE THROUGHLY.MAKE SURE ANY REPAIRS THAT WERE AGREED UPON HAVE BEEN COMPLETED.CHECK IN WITH YOUR ATTORNEY AND DISCUSS MONIES NEEDED TO CLOSE. MAKE SURE TO BRING PICTURE I.D.,CHECKBOOK AND YOUR HOMEOWNERS INSURANCE POLICY. ONCE YOU CLOSED, BE SURE TO CONTACT ALL UTILITY COMPANIES TO TRANSFER ACCOUNT INFO.

RON MOLCHO MANAGING BROKER/OWNER AMERICANHOMES

OFTEN HAVE WE HEARD THAT WHEN IT COMES TO REAL ESTATE TIMING IS EVERYTHING .

IF YOU PLAN ON PURCHASING A HOME THIS YEAR THEN YOUR TIMING IS PERFECT. FOR MOST AREAS,IT'S A "BUYERS MARKET".THAT MEANS THERE IS AN ABUNDANCE OF HOMES AVAILABLE ,THE MARKET HAS STABILIZED AND MOTIVATED SELLERS IN TODAYS MARKETPLACE ARE MORE APT TO MAKING CONCESSIONS,GIVING YOU THE PURCHASER MANY OPTIONS.

READ TODAYS STEPS 1-5 AND BE ON YOUR WAY TO A BETTER AND SMOOTHER TRANSACTION.

STEP 1

GET PREAPPROVED NOT JUST PREQUALIFIED

THIS WILL GIVE YOU PEACE OF MIND TO SHOP WITH CONFIDENCE.DETERMINING YOUR DOLLAR LIMIT AND DECIDING HOW MUCH YOU WANT TO PAY MONTHLY IS CRUCIAL . MOVING INTO TOO MUCH HOUSE IS A COMMON MISTAKE SOME PUCHASERS MAKE. OWNING A HOME BRINGS STABILTY,EQUITY AND MANY TAX ADVANTAGES.IT SHOULD NOT COME AT THE EXPENSE OF A GOOD QUALITY OF LIFE. TO SIMPLFY THINGS ,LEAVE A LITTLE ROOM FOR LIFES CURVEBALLS.

STEP 2

DO YOUR HOMEWORK AND PUT IT IN WRITING.

DOING YOUR DUE DILIGENCE WILL HELP YOU ZERO IN ON THE RIGHT HOME.THIS WILL ENABLE YOU TO UTILIZE YOUR TIME RESEARCHING HOMES THAT ARE BEST SUITED FOR YOUR NEEDS. MAKE A WISH LIST OF ALL THE ITEMS THAT ARE IMPORTANT IN THE FINAL DECISION PROCESS AND WRITE THEM DOWN.IF YOU ARE PURCHASING WITH A SPOUSE HAVE THEM MAKE A SEPARATE LIST AS WELL.ONCE YOUR LISTS ARE COMPLETE TRY TO CONDENSE BOTH LISTS INTO ONE.DISCUSS THE ITEMS THAT ARE TRANSACTION BREAKERS AND THE ITEMS THAT MIGHT CARRY LESS IMPORTANCE.REMEMBER ,UNLESS YOU ARE BUILDING FROM THE GROUND UP,VERY RARELY ARE WE ABLE TO FULLFILL OUR ENTIRE WISH LIST.

STEP3

AREA STUDY

WHEN CHOOSING AN AREA,SPEND SOME TIME DRIVING THROUGH THE NEIGHBORHOOD.STOP INTO THE LOCAL STORES AND DO A LITTLE COMPARISION SHOPPING.CHECK OUT YOUR LOCAL POINTS OF INTEREST,PARKS,GYMS,RESTAURANTS. STOP BY THE SCHOOLS AND HAVE A CHAT WITH AN ADMINSTRATOR. IF YOU COMMUTE ,IT WOULD BE WISE TO DO A TRIAL RUN DURING THE HOURS YOU WILL BE DRIVING. A GREAT SOURCE OF INFO IS A LOCAL PAPER. GET THE INSIDE SCOOP BEFORE MAKING THAT IMPORTANT DECISION.

STEP4

** HIRE A PROFESSIONAL

OF ALL THE STEPS,THIS ONE IF THE MOST IMPORTANT. BE SURE TO WORK WITH A PROFESSIONAL REAL ESTATE AGENT!!! A PROFESSIONAL AGENT SHOULD BE A GREAT LISTENER,BE VERSED IN ALL ASPECTS OF THE TRANSACTION,AND BE ABLE TO GUIDE YOU THROUGHOUT THE ENTIRE HOME OWNING PROCESS WITH PATIENCE AND EMPATHY.ASK YOUR POTENTIAL AGENT IF THEY ARE FULL OR PART TIME.MY PREFRENCE WOULD BE TO WORK W/ ONLY FULL TIME AGENTS.DURING THE COURSE OF THE DAY,THERE IS PLENTY TO ACCOMPLISH,AND IN MY OPINION MOST (NOT ALL) PART-TIMERS DON'T CUT IT. A CAREER IN REALESTATE IS A LIFESTYLE.CHOOSE SOMEONE THAT TAKES THEIR CAREER SERIOUSLY.

STEP5

DON'T DISCUSS THE NEGATIVES.

WHEN YOU ARE PREVIEWING A POTENTIAL HOUSE,DON'T TRASH IT!

IT IS A MISCONCEPTION THAT HARPING ON THE NEGATIVES WHILE WALKING THROUGH A HOUSE WILL PUT THE SELLER ON THE DEFENSIVE. I HAVE SEEN MANY OCCASIONS WHERE THIS TACTIC HAS BACKFIRED.ONCE YOU HAVE DECIDED THAT YOU ARE READY TO TENDER AN OFFER,DO A QUICK LIST OF THE ITEMS THAT NEED UPDATING AND THEN WITH YOUR OFFER EXPRESS YOUR CONCERNS TO THE AGENT.MOST HOMEOWNERS ARE AWARE OF NECESSARY UPDATES THERE HOME MIGHT REQUIRE. YOU ARE MORE LIKELY TO ACHIEVE YOUR GOAL WITH KINDNESS.

STEPS 6-10 AVAILABLE TOMORROW