Welcome to the fifth post in a series of 7 posts covering the more important issues about buying a home in Northern Nevada.
In the first post, we covered the topics "Why Should I Own A Home?" and "Why Should I Use a REALTOR®?".
In the second post, we covered "Real Estate Commissions Explained" and "7 Steps to Prepare for Home Ownership".
In the third post, we covered "Your New Northern Nevada Home Wish List" and "Tips for Finding the Perfect Neighborhood".
In the fourth post, we covered "Get Your Finances In Order" and "Think Like a Lender: Let's Do The Math".
Whether you've owned a Northern Nevada home before, or you are a first time Northern Nevada home buyer, having a Buyer's Guide can be a very helpful tool before, during, and even after the homebuying process.
Since most people don't buy and sell homes every month, let alone every year, we have put together a fantastic 36-page "Just For Buyers" Guide courtesy of GreatNevadaHomes.com.
In this post, we'll be covering "What to Expect When Writing the Offer" and "What Your Home Inspection Should Cover".
What To Expect When Writing The Offer
This particular step is crucial in the process and ensuring you have not just any agent, but the right agent, can make all the difference.
1. Ask your agent for a Competitive Market Analysis. By analyzing what Northern Nevada neighborhood homes have recently sold for, and what homes haven’t sold, your agent can help you determine the best price and the true value of the home.
2. Confirm the maximum amount you can afford. This will prevent you from getting overly excited or too emotional, causing you to make too high an offer. Often, very desirable Northern Nevada homes have more than one buyer making an offer at the same time, regardless of how many properties may be on the market. Those homes that show well, have a good location, are close to public transportation, and are priced well, will receive more than one offer at a time. Over-bidding on a home will cause you financial strain later and will take much of the pleasure out of owning your dream home.
3. Include a pre-approval letter from your lender. This will add strength to your offer, and to differentiate yourself from other offers.
4. Have your checkbook handy. Be ready to include a deposit with your offer, which will be part of the down payment and closing fees if the offer is accepted.
5. Be prepared to wait – and negotiate. The seller may accept, reject, or counter your offer within hours or days, depending on the quality of your offer and the seller’s desire to sell. You can then accept the counter-offer or “counter the counter”. Once you both accept, the contract is “ratified”. Then, you will move ahead with inspections. Ultimately, a third party (usually an Northern Nevada escrow or title company) completes the transaction with your lender, you, and the seller.
6. I bought a home – Why am I anxious? It’s a completely natural feeling to be nervous after buying a new home. After all, a home is the biggest investment an individual or couple will make in their lives. The flutters in your stomach will pass as you begin to plan for the move to your new home.
What Your Northern Nevada Home Inspection Should Cover
- Siding: Look for dents or buckling
- Foundations: Look for cracks or water seepage
- Exterior Masonry: Look for cracked bricks or mortar pulling away from bricks
- Crawlspace: Look for leaks or evidence of mildew/mold
- Insulation: Look for condition, adequate rating or climate
- Doors and Windows: Look for loose or tight fits, condition of locks, condition of weatherstripping
- Roof: Look for age, conditions of flashing, pooling water, buckled shingles, or loose gutters and downspouts
- Ceilings, walls and moldings: Look for loose pieces, drywall that is pulling away
- Porch/Deck: Loose railings or steps, rot
- Electrical: Look for condition of fuse box/circuit breakers, number of outlets in each room
- Plumbing: Look for poor water pressure, banging pipes, rust spots or corrosion that indicate leaks, sufficient insulation
- Water Heater: Look for age, size adequate for house, speed of recovery, energy rating
- Furnace/Air Conditioner: Look for age, energy rating. Furnaces are rated by annual fuel utilization efficiency – the higher the rating, the lower your fuel costs. However, other factors such as payback period and other operating costs, such as electricity to operate motors.
- Garage: Look for exterior in good repair, condition of floor – cracks, stains, etc.
- Attic: Look for adequate ventilation, water leaks from roof
- Septic Tanks (if applicable): Adequate absorption field capacity for the percolation rate in your area and the size of your family
- Wells (if applicable): Check for proper well flow and water quality
- Driveways/Sidewalks: Look for cracks, heaving pavement, crumbling near edges, stains
In the sixth post in this series, we'll discuss "Things You Should Know About Homeowner's Insurance" and "What Exactly Is Title Insurance, Anyway?". If you'd like a FREE copy of our complete 36 page Northern Nevada "Just for Buyers Guide" just let us know. We're happy to provide you with one to assist you on your road to home ownership.
(Pen and paper image courtesy of Kristian D - Flickr.com. )
Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.
