Four buying tips

Four Tips ToThink
About Before Buying

Provided by Jay Burnham, VP
Coldwell Banker Residential Brokerage

Are you thinking about making a purchase offer on that house you've been looking at?
Well, these tips just might help you make a deal on the house of your dreams.

Fast breaks are for basketball

When buying property, remember to take it slow. You don't have to be completely committed to a house when you make an offer. Most contracts have "what if" clauses or contingencies. Whether or not you have questions and concerns, always include an inspection contingency in the offer. This inspection doesn't have to be limited to the property itself.

A 'counter' isn't in the kitchen

Buying and selling a home is often a back-and-forth volley between buyer and seller. It is very unusual that an offer is accepted without a counteroffer. Even at the right price, there are details to hammer out. An offer that sets out the price and terms usually is followed by a counteroffer, which may include a lower price or different terms or other items not part of the original offer. This goes on until buyer and seller reach agreement on every detail on the sale of the house.

Let's make a (new) deal

If you are purchasing a newly built house, don't expect the builder to budge much on the price. However, some builders will throw in amenities and options such as floor upgrades, landscaping and other features that can add up. The state of the housing market usually is the determining factor. In a hot market, few builders will offer anything extra because there are other buyers lined up behind you.

(Ap)prove your point

You do not need to be completely committed before making a purchase offer on a house. Because buyers usually have one concern or another, most agreements have "what if" clauses or contingencies. Always include an inspection contingency in the offer. This contingency might read: "This offer contingent upon buyer's or his/her representative's complete inspection and approval of the property and neighborhood." This inspection is not limited to the property itself. For example, if you discover that the local grade school that your child would attend is not to your liking, then the property does not pass your inspection and you do not waive the inspection contingency.

JAY BURNHAM, VP
Coldwell Banker Residential Brokerage
PREVIEWS International® Property Specialist
54 Dodge Street
Beverly, MA 01915
978.233.2828

Designations Earned: CRB, CRS, GRI, RECS, SRES