Remember that list of needs and wants that you compiled? It's time for you and your real estate professional to begin narrowing down the choices. You've found just the right neighborhood and there are several houses in which you are interested. Believe me, unless you are keeping track, you'll forget that the house on Smith Drive had that wonderful kitchen but you weren't so keen on the backyard. Your agent will provide you with a flier that normally has a photo of the house on it, along with the address of the home, the city it is in, the subdivision (if applicable) and other pertinent info about the house itself. Use the reverse to make notes as you move through the house. Take a few photos and when you get home, print them out and attach them to the flier.
Once you've found a house that you'd like to make an offer on, you and your agent will sit down with a comparative market analysis. This will tell you what houses similar to the one you are offering upon have sold for within the past six months. You'll be able to base your offer (what you are willing to pay for the house) on this information. Your real estate agent will go over the Offer to Purchase with you and together you will address each one of the items. Once the offer is initialed, signed and dated, then your agent will to present the offer to the seller's agent.
It will then be up to the seller to accept it (congratulations!), reject it, or make an counter offer. A rejection simply means that your first offer was unacceptable to the seller, so you'll have to begin again. A counter offer means that while the amount of your initial offer was not enough in the mind of the seller, the seller has provided you with a number that would be. This is just a starting point for both of you in the negotiations. Often, there are multiple offers on a house and you must be careful not to become swept up into a competition. Sure, you might get the house but pay more than you should. Remember your plan. You have a set amount that you are willing to spend. You know what comparable homes have sold for in the area in which you are interested. You are fully and completely prepared. You have a professional on your side. While your agent will guide you through the negotiation process, you must be prepared to walk away if the price of the home cannot be negotiated to a price comfortable for you.
Tomorrow. We close the deal.
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