Making an offer/closing - words of advice?

[Vishenka69]

It looks like we'll be making an offer in the next few days. Never having been through the process, I'd love any advice or suggestions or even BTDT stories. Is there anything you wish you knew before making an offer and/or closing? I know that it's almost impossible to prepare for everything in advance, but being a control freak, I'd love to eliminate nasty surprises as much as possible.

Re: Making an offer/closing - words of advice?

[alison]

Re: Making an offer/closing - words of advice?

Never been there either. GOOD LUCK!!!!

[SuzySunshine]

Re: Making an offer/closing - words of advice?

There weren't any surprises with our closing or offer process. If you've got a good Realtor they should walk you through every step.

In the listing they should have appliances listed that they plan to leave and take, make sure you read all of that before you offer so that you're sure to include everything in your price, or exclude anything. If you have a preference on closing date make sure to specify that too.

Re: Making an offer/closing - words of advice?

I agree that a good realtor will help. We had more back and forth over the inspections for our last two houses than the initial offer. Good point to go over the appliances. I "missed" that the washer and dryer would not be at our last house until a few weeks before we moved. I'm sure the realtor pointed it out but I think I was mixed up because we were leaving the w/d in the last house. On the possession date, give yourself some extra time to move if you need.

Ok, this is REALLY picky. In our current house, the previous owner took the bathroom mirrors because they were decorative (framed) and not the type that are bolted to the wall. That was an unpleasant surprise when we moved in. Big framed mirrors are not cheap.

I can't wait to hear more about it! Let us know what happens.

[DCJenn]

Re: Making an offer/closing - words of advice?

Yes, make sure you spell out EVERYTHING you want. and don't be afraid to ask for stuff to be done like repairs and such. We thought there was going to be a fence built between us and our neighbor- but it wasn't in the contract (totally our fault) and lo and behold, it wasn't done.

Jenn

PS-GOOD LUCK

[MDPhDWife]

Re: Making an offer/closing - words of advice?

We bought our house new, so there wasn't really an offer stage, so I'm not in a position to relate, but I wanted to say congrats and wish you anyway!

Let us know how it turns out!

[medpedspouse]

Re: Making an offer/closing - words of advice?

Ditto to making sure that things you want included ARE included. Also, point out the things that you do not want. For example, we did not want the above ground pool and did not want to have to mess with having to remove it afterwards. So, our offer included a request to have that hideous thing gone - gone.

[MrsK]

Re: Making an offer/closing - words of advice?

HIRE A LAWYER. Seriously, a good realtor is no substitute and realtors should not be negotiating legal agreements (i.e. purchase and sale agreements). I have practiced as a commercial real estate attorney in Florida and have seen many instances where realtors do not understand the standard board of realtors/bar approved contract, fill in the wrong blanks, cross out important stuff, and buyers/sellers do not even read the agreement. Also, your lawyer will assist in due diligence, hiring professionals for physical inspections, reviewing title and easements, etc. The lawyer is your advocate while the realtor is either "neutral" or in some states is an advocate for the Seller.

[Vishenka69]

Re: Making an offer/closing - words of advice?

A friend (also a lawyer) insisted that we get one before we sign any contract, so I'll definitely be talking to our realtor about this tomorrow.

Nellie, I remember the bathroom mirrors story. As I was walking through the house today, I thought, "These are so ugly, they can definitely take them." The current owners have very country taste and I hope that they take everything (decorative) with them. But I'll definitely make sure that all the appliances are listed.

I don't remember last time I was so scared to do something. I think I should bring a paperbag to the closing.

Re: Making an offer/closing - words of advice?

In that case, maybe you want to schedule a final inspection right before closing to make sure they take all their stuff with them.

When we bought our house in Denver, the previous owner left a queen size mattress that reeked of wintergreen chew in the basement. File under young and stupid, DH had to use some sort of power tool to cut up the mattress and haul it out. We should have gone back to the realtor and made them take care of it (I vaguely remember a section that said they had to pay us $200 if anything was left behind or not clean.)

[KCwife]

Re: Making an offer/closing - words of advice?

Ok, this is REALLY picky. In our current house, the previous owner took the bathroom mirrors because they were decorative (framed) and not the type that are bolted to the wall. That was an unpleasant surprise when we moved in. Big framed mirrors are not cheap.

I can't wait to hear more about it! Let us know what happens.

Same thing happened in our current house. I. was. pissed. I actually called them and flipped out, they brought them back within a day. It would have been a HUGE expense.

I just wanted to second the cleaning clause. We actually put in that they had to hire a cleaning company and have all carpets professionally steamed. It made it so much easier to move in without having to do any of that.

[MrsK]

Re: Making an offer/closing - words of advice?

I don't remember last time I was so scared to do something. I think I should bring a paperbag to the closing.

I did closings for a living but when I purchased my first home, I was so freaked out that I forgot my ATM PIN number for 6 weeks. It was like a psychological block. But, if you hire a good lawyer and make sure you are not spending more than you can afford on the home (don't go by the 1/3 of gross income calculation that many lender's use. go by 1/4 of your net income if you want to really play it safe) you'll be fine.

[Vishenka69]

Re: Making an offer/closing - words of advice?

Cleaning clause is great, thanks for that tip. We're definitely playing it safe as far as the house price is concerned - our mortgage payment (if we get the house for what we want) will be slightly more than what DH makes in a week (net).

[MrsK]

Re: Making an offer/closing - words of advice?

The bitch we bought this house from stole the dining room chandelier, took even the MINI BLINDS off the windows and did not make 2 of the 3 repairs to which she agreed. And they pushed the final walk-through to 1 hour before closing.

If they do that to you and you are not in a position where you must move that day (we were), push back the closing. We were under such duress at the walkthrough that I didn't have time to see if the pipe under the kitchen sink had actually be repaired, etc. So we ended up paying for these repairs ourselves, as well as purchasing a new chandelier.

I still hope that Kristin V. loses all of her money and ends up living under a highway overpass.

If this happens, your lawyer might demand a credit at closing for the cost of the chandelier, window coverings, and repairs. If the Seller will not agree to a credit, the lawyer might suggest escrowing funds until the repairs are done and the missing items are returned.

The purchase agreement should include window coverings and light fixtures as personal property to be conveyed with the house.