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It's time to start thinking again about buying or selling. Many times the New Year brings a flurry of activity in the real estate market. Here is a list of resolutions to help you close a deal in 2004.
Resolutions for Buyers
1. Get yourself a knowledgeable, honest and aggressive real estate agent.
2. Pay attention to details when looking for a property: Not only the property, but the neighborhood, the construction, the condition of the property and the grounds.
3. Do roof and home inspections and other inspections as needed.
4. Be careful buying property "as is."
5. Don't waive inspection rights. It may come back to haunt you.
6. Read and review all disclosures: the Transfer Disclosure Statement, the Supplemental Transfer Disclosure Statement, if used, home inspection reports and termite inspection reports. All should be read in detail and questions highlighted and discussed with either the agent or the inspector, or both.
7.Preapprove the loan amount you need to purchase the house you want to buy. Don't waste time with lenders who will no pre-approve you and who you have not already established a relationship with.
8. Make sure you understand the Preliminary Title Reports and the easement involved. If you don't, discuss it with the title company and your agent, or both.
9. Be careful of advertisements and brochures that appear too good to be true. If it is too good to be true, it probably is not true.
10. Don't purchase a property with a relative bid. It's dangerous and it may be invalid.
11. Make sure your agent, or someone else, pulls the building permits and explains them to you.
12. Make sure your agent does everything possible to present your offer directly to the seller and the seller's agent.
Resolutions for Sellers:
1. Get yourself a knowledgeable, honest and aggressive real estate agent.
2. Make sure your agent lists the property on the Multiple Listing Service and the Internet.
3. Don't accept a pocket non-multiple listing for any period.
4. If there are multiple offers on your property, understand how they are going to be presented, meet with the various buyer's agents, but don't be overly impressed with the emotional appeal. Make sure the buyer you choose is the most qualified for your property in your area because the other buyers that make offers that are not accepted will probably find other homes.
5. Disclose everything about the property clearly and unequivocally. What you hide from the buyers, or what you forget to tell the buyer will be disclosed to the buyers at the first neighborhood get-together. Your old neighbors will become the new neighbors of your buyer and their friends. Most lawsuits regarding condition of homes start from the neighbor telling the new buyer what you forgot or did not tell them.
6. Hire inspectors before the property is listed so you know what the conditions are of the property. Know what the termite problems are, dry rot, roof, etc., so there will be no surprises when you set the selling price.
7. Don't give buyers possession of your property before close of escrow unless you have been fully and adequately informed of the risks.
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Pat Williams Senior Vice President Certified Residential Specialist ERA American Realty of Northwest Florida, Inc. 1270 N. Eglin Parkway Shalimar, Florida 32579 Toll Free (24/7) 800-409-4577 Cell Phone (24/7) 850-585-4062 pat@era-american.com |