Considerations for Buying a House
MAKING AN OFFER
When you find "the one" and are ready to make an offer, it can be exciting and nerve wracking. The Elakatt Group can help you determine appropriate/favorable terms to include in your offer. We can also help you negotiate the best terms possible.
THE INSPECTION
Making sure you don't buy a problem property
Once your offer has been accepted by the Seller, you'll have the opportunity to hire an inspector. The inspector will examine the electrical, plumbing, HVAC, structure, appliances and overall condition of the home. Based on the findings in the inspection report, you'll have the opportunity to ask the Seller for repairs, credits or even withdraw your offer, if you are no longer comfortable moving forward.
ATTORNEY REVIEW
The first 5 business days upon acceptance by the Seller, is known as Attorney Review. This means you have the opportunity to correct any terms on your offer that may need to be modified.
THE APPRAISAL
Making sure you didn't overpay
All lenders require the property to be appraised by an appraiser, before they will issue a loan. The appraiser will review the location and condition of the property with surrounding properties, to determine the homes market value. If the property appraises at or above the purchase price, your lender will approve the loan. If the property appraises below the purchase price, you have the opportunity to withdraw your offer or renegotiate the purchase price with the Seller.