1.
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Make a list of
"must have" features together, then discuss other
"would like, but can live without" features. After
you've looked at a dozen or so properties, re-evaluate your
criteria. Often priorities shift with time. |
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2.
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Have a realistic
idea of how much you can afford before you start looking
(most lenders will pre-qualify you for free). Not only will
this save time, but will also avoid needless disappointment
on everyone's part. |
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3.
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Don't sign a contract
with an agent that locks you into looking with him or her,
or guarantees them a commission even if you find the house
yourself! Specify, instead, that a commission will be paid
only if you buy a property shown to you by that agent. This
enables you to look with others, and also at For-Sale-By-Owner
properties, at your own convenience. |
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4.
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Don't bring an
agent with you to look at FSBO properties, or draw up a
contract, unless you are willing to pay their commission
through either a higher sales price, or out of your own
pocket. Otherwise, you may risk losing the house. (Note:
Contact your local For Sale By Owner magazine for help if
you aren't sure of the process) |
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5.
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If you find the
house you want to buy before you've sold your home, and
the seller is reluctant to sign a contract with you with
the contingency that you sell your home first, you may draw
up a contract that allows the seller to continue marketing
and advertising the property yet gives you the "first right
of refusal" should they receive another offer. This way
you will be notified immediately if the seller has another
offer, giving you an opportunity to re-offer if necessary.
Another option is to put a non-refundable deposit on the
property. This shows the sellers that you are serious about
buying their property. |
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6.
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If you sell your
house before finding a home you want to buy, be sure your
sales contract is contingent upon you, the seller, finding
suitable housing!! We have heard several stories of people
frantic to find a home under pressure, and even having to
rent after the closing, because they sold first. Remember,
the seller is legally bound to sell once the contract is
signed. |
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7.
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When presenting
an offer, be courteous and respectful of the sellers. In
general, avoid criticizing the property with statements
like "we don't care for the new carpeting, and therefore
will have to replace it". This will not justify a lower
offer and may possibly insult the sellers, decreasing you
chances of their accepting your offer. |
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8.
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If you feel the
property may be overpriced, yet the seller refuses a lower
offer: Make your offer contingent upon the property appraising
for the selling price or higher. |
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9.
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Request that you
be permitted to walk-through the house (shortly before closing)
after the furniture is removed to make sure that some of
the home's faults weren't covered with furniture, rugs,
or wall coverings. It is far easier to request compensation
for necessary repair work before the house is sold than
afterwards. |
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10.
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Request that the
seller complete a property disclosure form before you make
an offer. Agency listed properties carry no guarantees,
and it is the seller who is legally bound to be truthful
in reporting the condition of the property. In Texas, a
seller disclosure statement is mandatory. |
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11.
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Make the time
frame of your offer short (24 hours or less) so the seller
has less time to "shop the bid" among other interested parties,
or to accept another offer. Also, don't make the deadline
time at midnight unless you usually are awake at that time! |
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12.
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If you don't know
much about building construction, don't worry. Simply make
your offer contingent upon the property passing a professional
home inspection. This is also an excellent way to become
more familiar with the upkeep needs of your future home. |
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13.
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Put
everything in writing. Your sales
contract should spell out whether the washer and dryer stay,
etc. |
