Writing
an Offer - Concerns About the Property
Disclosures
Although you have toured the property, looked at the walls
and ceiling, turned on the faucets and played with the light
switches, you have not lived in it. The seller has years of
knowledge about his or her home and there may be some things
you want to find out about as quickly as possible. For this
reason, you will require certain disclosures as part of your
offer.
Basically, you want the seller to disclose any adverse conditions
that may have a substantial impact on your decision to purchase
the home. This would include any problems with the house,
whether the property is in a flood zone, a noise zone, or
any other kind of hazardous area.
If you have an agent representing you, this is almost automatic,
but many states do not require individuals selling their own
home to provide you with this information. Often they do not
require banks selling foreclosed property to provide these
disclosures, either. Obtaining these types of disclosures
should always be a part of your offer, and time is of the
essence.
Condition of the Property
The last thing you want when you assume possession of your
new home is to find it in a total mess. Therefore, you
should make it clear in your offer that certain minimum
standards are required. If you do not, you might find out
the seller or neighbors have begun using the back yard
as a trash dump, or something worse – and you would
not be able to do anything about it.
Some of the requirements you might want to include in your
offer are that the roof does not leak, the appliances work,
the plumbing does not leak, that there are no broken or cracked
windows, the yard has been kept up, and any debris has been
cleared away.
Home Inspections
Besides appraisal and the termite inspection, you should also
have a professional go through the house and seek out potential
problems. Of course, you will have inspected the home, but
you are not used to looking at some things that a professional
will find. Even if they are not things the seller is expected
to repair, at least you will have foreknowledge of any potential
problems.
The seller will want this inspection performed quickly,
so that you can approve the results and move forward with
the purchase. Once you receive the inspection, you will want
to allow yourself sufficient time to review 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 for those repairs. Otherwise, you can cancel
the purchase without penalty, provided you have included timetables
in your offer.
Allow a maximum of ten to fifteen days to receive the report
and five days to review it.
Final Walk-Through Inspection
Before closing, you will want to revisit the property to ensure
it is in the condition you have required in your offer, and
to inspect that any required repairs have been performed.
You should do this no sooner than five days before you intend
to close. Make sure this right to do a final inspection is
included in your offer to purchase the home.
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About Blaine Morris, Marin Properties
As a top-producing licensed REALTOR with
Frank Howard Allen in Greenbrae, California, Blaine Morris
specializes in Central and Southern Marin County. Always just
a phone call or email away, Blaine works seven days a week
for his clients, providing them with the utmost in fast and
efficient service and follow through. Whether you are searching
for the home of your dreams, or thinking of selling it, Blaine
can turn your dreams into reality! Behind Blaine is the strength
and stability of the Central Marin office of Frank Howard
Allen, the #1 office of the #1 Brokerage in Marin County.
Contact him today at 415.925.3279 or
click here.
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