Our last post gave advice on how to prevent shopping for homes that do not fit your budget. This part will help guide you during the negotiation process.
In order to craft an offer that will not unravel or lead to regret, do not commit the following mistakes:
Foregoing the Home Inspection
Home inspections are much more common than they used to be. This trend likely happened because buyers are wary of making a worthwhile investment.
Make sure that you do not skip this important step, or you could be paying for a home that is quite different than it appears. Your eyes alone will not be able to spot everything that a professional home inspector can.
An inspector can locate deal-breaking problems with a home, like mold or foundational issues. The best inspectors can also give an estimate of longevity for major home parts like roofs, central air, furnaces and flooring. Replacing these parts within months of you moving in is not a surprise home buyers will want, so be diligent and hire an inspector. They will be well worth the cost.
Placing Too Many Contingencies
Even in a non-competitive market, home sellers will not be patient with a laundry list of contingencies and requests. They may even refuse your offer as a result.
Work closely with your agent when crafting an offer. An inspection clause is perfectly reasonable, but tacking on repair requests, closing cost reductions or too many “walk away” options can scare a seller and hamper a deal.
There are many ways to protect yourself when making an offer. As long as you use smart language and lean on the expertise of someone familiar with the process, you can avoid any problems without seeming too picky.
Becoming Emotionally Attached
We often tend to shop for homes with our hearts. A home should certainly have an aura that speaks to your sensibilities. However, a “perfect” home does not just have the right look and feel. It should also have the right price, be in the right neighborhood and have all the necessities you require.
Otherwise, you could end up getting strung along, chasing the house you want rather than the one you need. Make sure that before you start looking for homes you and any co-buyers have an established list of criteria that must be met before a home is considered adequate. Any time that you think you are being led astray by an emotion, consult the list to get you back on track.
Your real estate agent can likewise help you control your passions and realign your expectations. Remember that some houses may be beautiful to visit but not to own.
To help you find the perfect house without any setbacks, hire a real estate professional that truly knows their way around the local market. Take a look at our buying page to get started finding an Okotoks home you will love.
