If this is the perfect house for you and your family, or a great property to rent out to tenants, you can bet others will see it as the ideal home or investment property, too.
Once you’ve found a property that seems right in every way, don’t spend too much time dwelling on it. Move quickly with an offer to make sure another interested buyer doesn’t snatch it away before you’ve even had the chance to jump into the game. Reach out to your real estate agent to let them know you’re interested. They will guide you from there.
First, Get Pre-approved
Your chances of getting your dream home or investment property increase greatly if you’ve been pre-approved by a lending institution. Pre-approval tells home sellers and their agents that you are, indeed, qualified to purchase a home in the price range the seller wants. It tells them that you will be able to get a mortgage, so the transaction will likely go smoothly and you won’t be wasting the seller’s or the selling agent’s time. If multiple offers come in on the property for sale, the pre-approved buyers will be taken seriously; the others often will not.
Of course, if you’re planning to pay with cash and have the funds to back you up, you won’t need pre-approval. What you will need in an all-cash transaction is proof of funds.
If you’re borrowing money, your pre-approval statement needs to be prepared by a lending institution or a mortgage broker.
If you’re paying for the property with cash, your proof of funds letter needs to be prepared and notarized, typically by your bank or a comparable financial institution.
Are You Ready To Negotiate?
There are several stages where you can negotiate with the seller. First, if there are multiple offers on the property you want, and you really have your heart set on it, you can consider increasing your offer to compete with the other offers. Be careful that you don’t go too high, though; consider whether or not you’d be better off with another property at a price that’s more affordable for you rather than fighting for this one at all costs.
Furthermore, you can enter into negotiations if the seller makes a counter-offer to your original offer. If you’re not happy with all of the terms of the counter-offer, you can try to negotiate a lower price or other better terms.
You can also enter into negotiations after an inspection. If the inspector finds a great deal that needs to be repaired, or something significantly wrong with the house, you as a homebuyer can choose to walk away or to ask for repairs to be made.
For example, if you find that there are termites in the house, or that it has significant foundation issues, you may decide you no longer want it, and you can choose to terminate the transaction.
Will I Lose My Deposit?
If you withdraw your offer on a property for sale, whether or not you’ll lose your earnest-money deposit really depends on several factors. Be aware that the rules differ from one state to the next. If you’re wondering how it works here in Charleston, get in touch with us. One of our real estate agents will be happy to talk about the rules and possible scenarios with you.
Before You Close On The Property
When the seller accepts your offer, a contract is drawn up that both sides need to sign. Review this contract carefully, and go over it thoroughly with your real estate agent. Once everyone has signed, it is a legal document, and you are bound by what it says. So at this stage, proceed with caution.
Before the sale closes, you will need to have the property inspected, and a home appraisal will be conducted if you’re getting a mortgage. Following the inspection, you can ask for repairs to be done, but the seller may decline.
At some point, you’ll be getting your loan approval. Your Realtor will guide you through all of these important steps. Don’t hesitate to ask questions along the way, and especially before signing any documents.
RE/MAX FullSail Is Here To Help
We are here to help you through the entire process, from looking for your perfect property, to making an offer, and on to signing your closing documents. We can explain everything to you including contingencies, contract terms or clauses that are unfamiliar, and what requests you should (and should not) make of the seller following a home inspection.
For example, if the inspection uncovers minor cosmetic details such as scratches on an interior door, wallpaper that’s peeling in spots, or light fixtures that are chipped, you should likely consider taking care of these repairs yourself once you’ve moved in. However, if something huge is discovered affecting the structural integrity of the home, you need to ask the seller to address this issue before closing.
Work With One Of Our Agents
Our real estate agents are ready to work with you. Whether you’re just getting started on your search, or you think you’ve found the perfect place to call your own, reach out to us. We’re here to guide you through the process of buying a house and to advocate for you. We’ll be happy to help you find homes for sale in Seabrook Island, West Oak Forest, Rivertowne, Hamlin Corner, Grand Oaks, Whitney Lake, and more Charleston-area communities.
Don’t navigate the process alone; reach out to your friendly RE/MAX FullSail Realtors in Charleston, SC today!