The House Found US; Now What?
Q: We were out with our wonderfully patient agent (for the twenty buzilionth time). Finally, our home found us – yes, a pivotal and romantic moment. We are ready and raring to go. What’s the next step?
Olivia and Sam, Scarsdale, NY
A: Firstly, Mazal Tov/ Enhorabuena/Congratulations!
Making one of the most important, impactful, and expensive decisions ever, is scary; yet, empowering. Great news.
Your agent will call the listing/showing agent, and check for other offers. The word, “offer”, is NOT a signed, done deal/closing in 5 minutes transaction. If this home is THE ONE, and you must have it, there are steps to take that will ensure increased likelihood of getting your dream home. Spoiler alert: ‘Nice” aggression is involved.
If there is an active offer, hopefully, your agent can elicit the stage at which it stands. “Executed Contract” with contingencies, can be an ephemeral offer. There remains many “what ifs” and “depends ons”, in the air. Common contingencies are financing, selling the buyers’ current home, and inspection (though most South Florida transactions are, “As Is”, contracts, a buyer may cancel a contract due to inspection)..
Even when there is an executed contract, many times deals fall through, and an astute listing agent will hopefully, (and congenially) take back up offers.
Next, submit your best and highest offer and conditions, in relation to your agents’ research and knowledge of the market values, comparable closed sales, and municipal updates.
There may be counter offers and the con- tract may go back and forth until both seller and buyer come to a meeting of the minds. Once all parties are in agreement, the paperwork begins.
Keep organized files, dated, and notated for easy access and referral. If purchasing a condo, fill out and return application with fee ($100- $200) to the association, and coordinate interview/orientation date, and elevator reservation for move-in. If financ- ing, you may already have mortgage paper- work completed (whew!). Do NOT make any enormous purchases like boats, planes, trains, et al.
Know your buying comfort zone, and be on board with your spouse financially, so as not to encounter buyer’s remorse and palpitations later.
Be aware of costs outside of purchase price. There are closing fees which include attorney/title agent and taxes. Soon after purchase, there will be monthly hard costs of maintenance (either to association or home vendors). And there are always repairs and decorating costs prior to move in.
Lastly, Wonderfully Patient Agent brings you an accepted contract, and you are on your way to HOB – Home Owner Bliss.
Do you have a real estate related ques- tion? Here’s a chance to overcome shyness and get in the lime light. Send questions to Rita@RitaRegev.com. Rita Regev, is a Broker-Associate and heads the Rita Realty Team@Terrabella Realty, Aventura. Ms. Regev is a top producing South Florida agent, speaks fluent Hebrew, and is an Advisory Board Member for the Aven- tura Cultural Arts Center.
Schedule an in person meet and greet and the coffee & nosh is on the house!!!
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