Wisdom Wednesday: Things to consider when making an offer on a property

There is plenty you will want to consider when purchasing a home based on you and your family’s needs. But, once you have found the home that fits those needs there are things you have to consider when putting an offer in on that property.

Here is a condensed list of what we feel you should consider when deciding on your offer:

Inclusions: This includes things like appliances, drapery, anything currently fixed to the property.

Exclusions: This may include things the seller does not want to include in the sale, or things you don’t want the seller to leave for you.

Conditions: This can be a broad spectrum of different things– including your ability to obtain financing, insurance, and inspections. BUT, it could also include stipulations that you feel must be completed before you finalize a deal. For example, an older home may still have a portion of tube and knob wiring and as a buyer, you could include a condition that the seller removes it before a formal agreement is finalized.

Another condition that could benefit a current homeowner is a condition that stipulates the buyers must sell their current home before the purchase is finalized. This provides a security to the buyer to help ensure they do not get stuck with two homes.

Order of operations: This one can be tricky. If you are a first time home buyer, you don’t have to worry about selling your current home and timing your new home purchase accordingly. You may even be able to strike a better deal if you can help accommodate the sellers timing needs. BUT, if you have a home you also need to sell you want to be able to time things accordingly. Unfortunately though, not every person’s schedule will align when it comes to closing dates. Be sure to pay attention to closing dates as this is one of those things that can make or break a deal.

Of course, there is plenty more involved when it comes to making an offer, but these tend to be the more tangible things that you must consider that may directly affect the price you are willing to offer for a property.

#WisdomWednesday

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