So, you've found your perfect home, we have looked around it several times, researched the neighbourhood and spoken to the neighbours. It's the right fit for you and your family and you want to make an offer. So what now?
As your Realtor, my job is to prepare the offer with you, completing the contract of purchase and sale and negotiating on your behalf to get the very best deal we can. Your offer is comprised of several elements, equally important in terms of monetary value and time. As your realtor, I will include the following items in your offer:
- How much you are willing to pay for the property
- What do you want to include in the purchase?
- What conditions we feel are important before the sale goes through
- A timeframe that is comfortable for you
- Details of your deposit and intent
Each of the elements above is important and can make or break a deal. I will work with you to ensure that you get everything you need in the purchase and to highlight any issues before they arise, preventing heartache later on.
How much are you willing to pay for the property
The property will be listed with a real estate agent and will have been on the market for a period of time. As your Realtor, we will look at the type of activity the property has generated and how long it has been listed for. There are always buyers for every property, but some properties may be marketed for a long period of time before attracting the right purchaser. When we look around the property we will look at items that might cost you money - perhaps the decor is dated and you will have to update carpets, kitchens or bathrooms - these costs can be factored into your offer to ensure you have the budget to pay for the renovations once you move in. We will spend some time discussing how much you would like to pay for the property to make sure your offer is realistic and reasonable. Sometimes an offer that is too low will close the door, with the seller becoming defensive and unwilling to negotiate, and in other circumstances, a lower offer might be the first offer they have received and they may be willing to consider it.
What do you want to include in the purchase?
It may sound silly, but you need to state what you are buying in your offer. That brand new built-in vacuum can be removed, or the appliances, even light fittings - we will look around the house and make a list of the items we want to specify in your offer. These items will become part of the contract of purchase and sale and the seller will be obligated to leave the items for you.
What conditions are important?
A condition of sale is something we will add in to give you peace of mind and to protect your interests. An example might be to have the home inspected by a qualified home inspector - we would put a clause in the contract that states that you want an inspection carried out and retain the right to walk away from the deal if there are issues found that are above a certain dollar value. Conditions can be wide ranging and may include financial arrangements, times and dates for possession or other clauses intended to protect you or the seller. We will include a number of conditions in the contract to protect your interest when we draft it.
You are the person purchasing the home and the timeframe needs to fit your needs. In the contract of purchase and sale we can put certain dates into the offer that allow for a closing date that might be short - if the property is already vacant - or longer if you need time to relocate from out of province or to finish a rental agreement period. We'll discuss how the timeframe works and will present it in your offer to the seller. There are many things to consider with closing and posession dates and I will assist you in selecting dates that will work for you.
Your deposiut is your way of showing an intent to follow through with your purchase. There is no set minimum or maximum for deposit funds, and they are held in trust with the Realty Executives Mid-Island brokerage (or with a lawyer if necessary). The deposit becomes part of the final sale transaction. I will help you to work out a deposit that shows you are serious about your offer, and that fits in with your budget.