Price is all that matters: So, you’ve found a house you’re interested in and low and behold, it’s listed for several thousand dollars less than what you thought you’d have to spend. Great deal, right? Maybe. Maybe not. When it comes to finding homes for sale in Vacaville and homes for sale in Fairfield, you want to make sure the deal is fair.
When deciding on what to offer on homes for sale in Fairfield and homes for sale in Vacaville (hopefully with the advice of a real estate professional), take into consideration potential expenses in addition to the mortgage. Does the home need repainting, inside or out? Are the original appliances from 20+ years ago still in use? You may save some money on the purchase, only to find that you’re spending a ton every month on repairs and replacement in addition to your mortgage.
Knowing the seller’s motivation can be helpful. The seller may need a quick sale, for instance, because he or she needs to move across the country to start a new job. In some cases, a seller may need to rent back for a short time after the sale. In situations like these, being an accommodating buyer can go a long way in helping your offer get accepted. The bottom line is that there’s a lot more to negotiating than the selling price, and the terms of your offer can be just as important as the offer price.
Sometimes a small difference creates a huge gap. Ask any experienced real estate agent and you’re likely to hear a story about how a client walked away from a deal over a relatively small amount, such as a $1,000 difference between what the buyer wanted to pay and what the seller would accept. While it is a lot of money, put into perspective of a $400,000 home purchase, the difference is ¼ of 1% of the listing price. Something to consider before you walk away from the deal, especially if you like these homes for sale in Vacaville and homes for sale in Fairfield.
Waiving contingencies: While out on your house-hunt, you come across a home that checks all the boxes. You’ve got to have it and you’re willing to do what it takes to get it, even if that means skipping inspections and removing other contingencies to make your offer the most appealing. Bad idea.
Inspection and appraisal contingencies are meant to protect a buyer by providing a period to have professional investigations done to determine if there are any previously unknown or unseen issues with the home. How would you feel if you discover after the purchase that a colony of termites have made a meal of the wood under the home? Or the small roof leak that leads to finding out you need a new roof?
Don’t waive your right to inspections! If you are getting a loan to purchase a home, your lender won’t let you skip an appraisal. An appraisal is a professional opinion on the value of the home. Lenders want to make sure that they aren’t loaning money for a home that is worth less than its value. However, if you waive the appraisal contingency, you can be on the hook if the loan doesn’t go through for some reason. You could lose a portion or all of your deposit, as well as be open to other liabilities if you waive your appraisal contingency. Want more details on homes for sale in Vacaville or homes for sale in Fairfield? Contact us!
The home has issues: You made the right decision by having inspections performed, but some issues have been discovered. The fact is, issues are almost always found, even in newer homes. It means the inspectors are doing their jobs. It doesn’t mean that the home is a risky investment. A whole-house inspection report may list a dozen items that may need attention, for instance, but in most cases, they’ll typically be easy fixes that you can ask the seller to either have repaired, lower the asking price so you can pay for the repairs, or provide a credit to you for repairs to be done after the sale has closed. If the home’s roof is bad and will cost $15,000 to repair on the other hand, and the seller doesn’t want to have it repaired, you’ll probably be better off walking away.
Your Offer Is Based on the Home’s Décor: No doubt about it, people have different ideas when it comes to decorating, but offering a lower price based on the home’s décor could be a big mistake. A home’s value is determined by recent sales of comparable homes in the neighborhood, not how they are decorated inside. Keep this in mind when it comes to making your offer – the offer is for the house, so the fiery-orange curtains, lime green sofa and wood paneling you detest will be gone by the time you move in.
Sound like a lot to remember? Then consider working with a Realtor for professional advice and guidance in purchasing your next home. Your agent will work with you to craft the best offer based on the home’s value, coordinate inspections, discuss report findings with you, and negotiate repairs to help you get the home you want at the price you want. If you need help looking at homes for sale in Vacaville or homes for sale in Fairfield, contact us today!