Southern New Jersey Overlook

A recent article in Realty Times stated, "When you're sitting right in the middle of a buyers market, or at least an equitable market is the time when [home] buyers should start asking for the moon. If you don't ask, you'll never get what you want."

Here's is my short list:

Note: I'm assuming a normal real estate transaction, not a sheriff sale or similar scenario where you may not have the opportunity to even properly view the property before purchasing...

1. It's important to remember that unless you have the professional qualifications and experience, you never, ever, skip doing a home inspection, even if you are buying "as is".

If offering to buy "as is", always include a limit that home inspection remediation repairs can't go above, such as $5000 or whatever is appropriate for your situation. Then do as many other inspections that you desire within the agreed-on inspection period to minimize your buying risk. If the remediation repairs identified by the inspections go over the limit, you can still accept the property, but you will have the option to back out if you uncover unanticipated problems that significantly increase your costs.

2. Request a home warranty be included in the sale and paid by the seller. We are only talking about $400, but it can protect you from unexpected problems during the first year.

Even if seller does not provide it, unless you have a new home or completely updated systems and appliances, then it is probably worth paying for it yourself. (Or as the above mentioned article suggests, add the cost of the home warranty into the purchase price so it's paid for at closing.)

3. If you want to include personal property, such as items of furniture or appliances that are still in the house, even if identified as excluded by the seller, just ask. The worst that can happen is that the seller says, "No."

Items such as pool tables or even chandeliers, if not strictly sentimental in value, often are difficult to move and seller may determine that it's easier to install a replacement in their next house and include in sale to make the deal happen.

4. Ask for help with closing costs. Seller can pay a flat amount against the settlement costs, or can pay a point toward the mortgage.

What is allowed varies by location and the mortgage company. Since you should be pre-approved before making an offer, make sure you find out during the pre-approval process what your options are so that you can make your request to the seller and structure the sales contract appropriately.

The use of an experience Realtor who can effectively represent you during the negotation process can result in thousands of dollars in savings and/or added value in your home purchase.

Happy house buying!



For real estate resources, help and support services in acquiring or selling properties in New Jersey, Visit my web site: LawrenceYerkes.com
    
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