Writing an Offer -
Concerns About the Property
Disclosures
Although you have toured the
property, looked at the walls and ceiling, turned on the faucets and
played with the light switches, you have not lived in it. The seller
has years of knowledge about his or her home and there may be some
things you want to find out about as quickly as possible. For this
reason, you will require certain disclosures as part of your offer.
Basically, you want the seller to
disclose any adverse conditions that may have a substantial impact
on your decision to purchase the home. This would include any
problems with the house, whether the property is in a flood zone, a
noise zone, or any other kind of hazardous area.
If you have an agent representing
you, this is almost automatic, but many states do not require
individuals selling their own home to provide you with this
information. Often they do not require banks selling foreclosed
property to provide these disclosures, either. Obtaining these types
of disclosures should always be a part of your offer, and time is of
the essence.
Condition of the Property
The last thing you want when you
assume possession of your new home is to find it in a total mess.
Therefore, you should make it clear in your offer that certain
minimum standards are required. If you do not, you might find out
the seller or neighbors have begun using the back yard as a trash
dump, or something worse – and you would not be able to do anything
about it.
Some of the requirements you might
want to include in your offer are that the roof does not leak, the
appliances work, the plumbing does not leak, that there are no
broken or cracked windows, the yard has been kept up, and any debris
has been cleared away.
Home Inspections
Besides appraisal and the termite
inspection, you should also have a professional go through the house
and seek out potential problems. Of course, you will have inspected
the home, but you are not used to looking at some things that a
professional will find. Even if they are not things the seller is
expected to repair, at least you will have foreknowledge of any
potential problems.
The seller will want this inspection
performed quickly, so that you can approve the results and move
forward with the purchase. Once you receive the inspection, you will
want to allow yourself sufficient time to review and approve the
report. If you do not approve the report, you may negotiate with the
sellers on which repairs should be performed and who should pay for
those repairs. Otherwise, you can cancel the purchase without
penalty, provided you have included timetables in your offer.
Allow a maximum of ten to fifteen
days to receive the report and five days to review it.
Final Walk-Through Inspection
Before closing, you will want to
revisit the property to ensure it is in the condition you have
required in your offer, and to inspect that any required repairs
have been performed. You should do this no sooner than five days
before you intend to close. Make sure this right to do a final
inspection is included in your offer to purchase the home. |
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