Addressing Property Concerns When Writing An Offer

When it comes to putting an offer on a property, you must keep in mind the differences between you and the seller. You have taken a tour of the entire property, checked out all the appliances, light fixtures, walls, floors and ceilings. However, you have not lived there. Conversely, the seller has lived there for many years and knows every nuance of the home, including many things that you will never discover with a simple walk-through. It is for this reason that your offer needs to contain certain disclosure clauses.

You will need the seller to disclose any issues with the house that would adversely affect your purchasing decision. This can include things such as housing deficiencies, flood zone disclosure, area noise levels, or any type of hazardous activities in the area.

If you have an agent working on your behalf, then they will have a full knowledge of the requirements, but it is important to note that not all states require a seller to offer full disclosure. Even if purchasing a foreclosed property from a bank, you may not receive disclosure. This is why you must add it into your offer, and do it quickly.

Property Condition

You must make sure your offer contains a clause concerning the condition of the home upon the transference. Most sellers will not leave their home in a shabby state, but it’s always better to be safe. Moving into a home and finding out that the back yard has been used as a dumping ground wouldn’t be much fun. At that point there would be nothing you could do about it if you didn’t have a condition written into the offer.

A few of the conditions you will want to write into your offer are the following;

The roof is free of leaks
All appliances are in working order
There are no leaks in the plumbing
All windows are functional and not damaged
The yard is well-kept and free of any debris

Home Inspection

Apart from the typical termite inspection and appraisal, you should hire a professional to thoroughly inspect the house. He may find things that the seller may not be required to repair, but at least you would have knowledge of it beforehand. Depending on what is discovered in the inspection report, you might negotiate with the seller at to who will pay for certain repairs. If an agreement cannot be met, you may be able rescind your offer without a penalty.

Final Walk-through

Before closing on the sale, you want to take a final walk-through of the property to be sure it is in the condition agreed upon in the offer, or make sure agreed upon repairs have been completed. This should be done within five days of closing. You will need to add this right to a final inspection into your offer.

Nick Muller

king-and-assoc.com