|1. Research the Inventory
|| Check the Home Search section
for the home of your dreams.
|2. Create the Offer to Purchaser
|| Before the offer to purchase is created, it is very important that
you have been at least pre-qualified or better yet pre-approved by
a lender. This is one of the best negotiating tool a buyer can have.
It shows the seller that you are financially able to purchase the
unit. After you have found the right home, it is time to prepare
the offer. In Tennessee, the offer to purchase covers all facets of
the purchase process, such as:
Once you make the offer, we present it to the Seller and
their Agent. The Seller may accept it, prepare a counter
offer, or reject the offer all together. Once the offer
is accepted, it is a legally binding contract.
- Purchase price
- Amount and type of earnest money
- Contingencies (financing, inspection, etc.)
- Personal items you wish the seller to include (washer/dryer, etc.)
- Closing date
- Time limit after which the offer will expire
- Responsibilities of both buyer and seller
|3. Negotiate with the
Negotiation begins before we get started
looking. A strong position is enhanced by getting
pre-qualified for a mortgage. Better yet making the
effort to become pre-approved will maximize your ability
to strike a deal most favorable to you.
Once we find the right home for you, we will:
|| Endeavor to discover prices of similar homes sold in the
last 6 months help you compare it to any other units you've
looked at evaluate its condition and access the amount of work
it needs determine how long it's been on the market and attempt
to discover why the Seller is selling, and if the price has
been reduced help you affect a strategy using time, price, and
terms to your advantage. David will draw from 14 years experience
in negotiating real estate transactions always with your best
interests in mind.
Whether it's starting with your best offer,
saving room to maneuver, compromising, or making
concessions to the seller's counter, David can present
you with the objectivity to help you make a wise
|4. Home Inspection
|| We strongly recommend an inspection for every transaction. The
home inspection checks the condition of the major systems of
the home including the structure's exterior, windows, foundation,
roof, garage, electrical, plumbing, heating/air conditioner, attic
and basement or crawl space.
If any major problems with the structure or systems of the home
are uncovered, you will then have the right to void the sales agreement
or to renegotiate the terms of the purchase.
It is recommended that the buyer attend the home inspection.
It usually lasts between 2 and 2 1/2 hours. This will allow you
to ask questions about repairs and maintenance of the unit. Usually
within 48 hours you will receive a written report.
A home inspection usually costs between $200 and $400 and
is the best money you will ever spend.
David has the experience with the inspection community
to recommend a list of accredited inspectors.
|| Your lender will order an appraisal of your home and coordinate
with your agent to schedule a time for the appraiser to see the unit.
The appraisal determines the fair market value of the home and insures
the unit is worth the price you are paying in order to secure the
loan. The appraisal also helps insure the home meets certain
standards regarding its condition. The average costs are $300 for
an owner-occupied unit.
If the home does not appraise for the sales price, negotiations
will begin with the Seller to adjust the price.
|6. Removing Contingencies
Contingency: The dependence upon a stated
event which must occur before a contract is
David Sullivan and his associates use
computerized tracking systems to accomplish removal of contingencies
in a timely manner. We counsel our clients to carefully consider
all aspects of the situation before the contingency is approved
as a part of the transaction. Communication and understanding is
the key. The following are some common contingencies:
- Buyer obtaining loan approval
- Condominium Inspection
- Sale of Buyer's home