Safeguard Your Offer To Buy A Home
You have found the house you want to purchase. You and your realtor have done the leg work to figure out the home’s value in the current market. How do you safeguard your offer and give yourself extra protection if something goes wrong?
Disclosures From The Seller
Although you have toured the property, you have not lived in it. The seller has years of knowledge about his or her home. There may be some things you want to find out about as quickly as possible. For this reason, you will require certain disclosures as part of your offer. Basically, you want the seller to disclose any adverse conditions that may impact your decision to purchase the home. This would include any problems with the house. Is the property is in a flood zone, a noise zone, or any other kind of hazardous area? If you have an agent representing you, this is almost automatic, but many states do not require individuals selling their own home to provide you with this information. Often they do not require banks selling foreclosed property to provide these disclosures, either. Obtaining these types of disclosures should always be a part of your offer, and time is of the essence.
Condition of the Property
The last thing you want when you assume possession of your new home is to find it in a total mess. Therefore, you should make it clear in your offer that certain minimum standards are required. If you do not, you might find out the seller or neighbors have begun using the back yard as a trash dump, or something worse – and you would not be able to do anything about it.
Some of the requirements you might want to include in your offer are that the roof does not leak, the appliances work, the plumbing does not leak, that there are no broken or cracked windows, the yard has been kept up, and any debris has been cleared away.