Writing an Offer - Concerns About the Property

Disclosures Although you have toured the property, looked at the walls & ceilings, and turned on the faucets and light switches, you have not lived in it. The seller has intimate knowledge about his or her home, and there may be some things you want to find out about as quickly as possible. Because of this, you will want to require certain disclosures as part of your offer. You want the seller to disclose any unfavorable conditions that may have a substantial impact on your decision to purchase the home. This would include any problems with the house, for example; whether the property is in a noise zone, a flood zone, or any other kind of hazardous area. The agent representing you should automatically address these issues. However, if you are without an agent, you should know that many states do not require individuals selling their own home to provide you with this information. Also, many states do not require banks selling foreclosed property to provide these disclosures. Obtaining these kinds of disclosures should always be a part of your offer. The sooner, the better. Condition of the Property When you take possession of your new home, you surely do not want to find it a total mess. Therefore, you should make it clear in your offer that certain minimum standards will be required. Without doing this, you might find out the seller or neighbors have begun using your back yard as a dump site, or worse - and you would not be able to do anything about it. Requirements you will probably want to include in your offer are; that the roof or plumbing does not leak, the appliances work, the yard has been kept and debris cleared, and that there are no broken or cracked windows. Home Inspections Along with the appraisal and a termite inspection, you should also have a professional go through the house and seek out potential problems. Although you have inspected the home, chances are that you may not find things that a professional will. Even if these items are not required to be repaired by the seller, at least you will have foreknowledge of any future potential problems. The seller will want this inspection performed immediately, so that you can approve the results and continue with the purchase. Upon receiving the inspection report, you will want to allow yourself sufficient time to look over and approve the report. If you do not approve the report, you may negotiate with the sellers on which repairs should be performed and who should pay. Otherwise, you have the right to cancel the purchase without penalty, provided you have included timetables in your offer. Allow a maximum of three days to receive the report and a couple to review it. In addition, allow the seller up to ten days to respond to any repair requests you make. Final Walk-Through Inspection Before closing, you should revisit the property to ensure it meets the required conditions in your offer. Make sure that any required repairs have been performed. Take the time to do this final inspection, and do it no sooner than five days, but not less than two days before you intend to close. This allows some time for negotiation if a problem exists. Finally, make sure this final inspection is included in your offer to purchase the home.