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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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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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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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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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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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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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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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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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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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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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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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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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Put everything in writing. Your sales contract
should spell out whether the washer and dryer stay, etc |
