Usually, “If it has to be removed with a tool (or more), it stays.” However, some items are specifically included in the contract which can include such as the drapes/window treatments, pool equipment, pianos, and more - every home is different and so is the final contract establishing what stays and what goes. The refridgerator, washer/dryer may or may not come with the house –unless written into the contract. Often, the stove, dishwasher, & any attached microwave or vent hood will stay, along with all light fixtures. If you have a question about a specific item, please don’t hesitate to ask!
Understanding what the property is worth is based on comparable properties in the same or similar neighborhoods and what they have sold for. To determine Fair Market Value, we will run a Comparative Market Analysis (CMA) on the property. Once compiling a few comparisons, we will determine what to offer based while considering how long the property has been listed on the market, if there has been any price reductions on the listing, whether the property is vacant or occupied and lastly, whether there are any other offers on the property.
An appraisal will be required by your lender to verify that your purchase price falls within the Fair Market Value of the property. If the property does not appraise for the value, you will have the option to terminate the contract to avoid overpaying for a home. At this time, you may be able to renegotiate the price to reflect more closely to the appraised value.
This can change pending the market, but usually there are more homes to choose from during the spring and summer. Unfortunately, this often coincides with more competition which can drive the sale prices up. It is helpful to be flexible in what you might consider to buy giving you the most amount of options to choose from.
The industry standard is that if a property has more than one offer, the listing agent will notify all parties that there are multiple offers on the property. At this time, you would submit your "highest & best offer" by the deadline requested. We will guide you through this process if applicable and help you negotiate making your offer as attractive as possible without compromising your protections.
It is a good idea to get pre-approved before you actively begin looking for a home to buy.
Once under contract, it takes approximately 30-45 days to close. The searching process varies as it depends on the buyer and their individual needs and wants in a home.
Often, closing costs can be combined with your loan and pre-paid escrow charges with include property taxes, insurance and interest. Closing costs usually range from 1-2% but that is just an estimate as the vary based on the type of loan you choose. Getting pre-approved early in the process can be helpful. Cash purchases minimize closing costs significantly.
Questions you may want to consider are if you are planning on selling, raising a family and where you are buying. In the suburbs, where buyers value schools highly, school ratings are very important for resale. In some locations, school ratings don’t affect resale because the buyers for these homes don’t typically care about school ratings pending their age and/or lifestyles.
Yes! Home inspectors are worth the money. They will go through the prospective home and tell you exactly what condition it’s in including if there are any large (or small) repairs that need to be made immediately or potentially in the future. Their instpection will include reviewing the Foundation, all the plumbing and electrical, the roof, HVAC (if applicable), water heater, appliances, windows, structural integrity, & much more. Tea Leaf Realty may recommend getting a termite inspection as well at this time even though not required. While not required by a lender, we do recommend getting a termite inspection at this time. After we have reviewed the inspection, often we may be able to ask the seller to make reasonable repairs or adjust the selling price appropriately.
Reasonable sellers will often make repairs but they are not required to. It is important to review the home inspection results and if repairs are being completed, to review these repairs and make sure they are completed. Keep in mind that newer homes may not need repairs and that older homes may have items that are old, but still functional.
Expect to write a check for the earnest money & option fee when you make an offer. The earnest money deposit is usually 1% of the purchase price and the option fee will be dependent upon the sales price.
Generally, sellers will have the property “broom cleaned” at the time of closing. If it’s important to you that the property be professionally cleaned prior to closing, can add that to special provisions.
A Buyer's Representation Agreement is a written agreement between you and an agent that you will use that agent's services to purchase a property for a certain period of time.