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5 STEPS TO BUYING REAL ESTATE: Step 4- Writing an offer and Inspection Periods

  • When considering to write an offer, everyone is looking for a deal, however going in with a low ball offer may end up doing just the opposite. I want you to think about one of your most prize possessions and listing it for sale.  If the very first offer came in 20% below your asking price, how would that make you feel?  More than likely, you would feel irritated, offended, or annoyed with that offer.  (Thinking GET REAL!)  Take this into consideration when you’re writing an offer.  The more realistic you are to the asking price, the more likely you’ll be able to get to where you really want to be at the end of negotiations.  Typically, houses sale for about 3% below asking price in a good market.
  • I always recommend getting a whole house inspection, sewer cam, radon inspection, and the bank requires a termite inspection. Usually you can work some or all of these into the offer.  I typically advise my clients to ask for some closing costs to be paid by the seller as well depending on the overall offer.
  • Once both seller and buyer have agreed upon a deal, the closing typically takes place somewhere between 30 and 45 days. Earnest money is also paid by the buyer in the amount of 1% of the purchase price to the Title Company or Escrow agent.
  • What to expect between the offer being accepted and closing: INSPECTIONS! Inspector will take approximately 3-4 hours to go through the entire house. You are more than welcome to be there during that time but I recommend showing up for the review to get some feedback about the home. (Note: If you see something in the seller’s disclosure, I suggest you ask for it up front. Be sure to read the seller’s disclosure prior to writing your offer.)

Buying Real Estate 5 stair steps

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