The home buying process
You need an experienced real estate broker to guide you through the maze of negotiations surrounding the buying or selling of property, whether you are experienced in real estate or a first-time buyer.
Here are some basic scenarios of what can happen during a typical real estate deal.
Arriving at an agreement for the purchase of a home involves negotiations by both the buyer and the seller. This negotiation phase will continue until both parties agree on all the terms, conditions and especially the sale price. While both buyers and sellers are relieved once they make it to this point, this is only the beginning. More negotiations are often needed due to home inspection results or financing contingencies.
Once an offer is accepted, it becomes a Contract to Purchase, and the buyer is allowed time to evaluate the home known as the Due Diligence Period. During this time, buyers examine any reasons why they should or should not go through with the purchase of the home.
Frequently, buyers will expect sellers to fix the repairs listed on the Home Inspection Report. This is where a second round of negotiations can begin. If the seller is reluctant to do the repairs, then the negotiations may go back and forth until both parties agree. If a compromise cannot be reached, the contract can fall apart. It is essential to have an agent facilitate these sometimes delicate negotiations.
In a seller’s market, a buyer may need to be willing to accept some minor things wrong with a home just to be able to get it.
In a buyer’s market, sellers should do the repairs before the house is even put on the market to avoid potential re-negotiations or worse, the loss of the sale.
For more advice on how we can help you go through with your plans, contact Eric S. Olson at 919-418-5343, or email at Eric@org-nc.com
You’ll be glad you did!