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How to Make an Offer on a Albuquerque New Mexico Home
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| How do I make an offer? |
We will assist you in making an offer,
which will include the following information:
- Complete legal description of the property
- Amount of earnest money
- Down payment and financing details
- Proposed move-in date
- Price you are offering
- Proposed closing date
- Length of time the offer is valid
- Details of the deal
Remember that a sale commitment depends on negotiating a satisfactory
contract with the seller, not just making an offer.
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| How do I determine the initial
offer? |
| Unless you have a Albuquerque New Mexico buyer's
agent, remember that the agent works for the seller. Make a point of
asking him or her to keep your discussions and information confidential.
Listen to your real estate agent's advice, but follow your own instincts
on deciding a fair price. Calculating your offer should involve several
factors: what homes sell for in the area, the home's condition, how long
it's been on the market, financing terms, and the seller's situation. By
the time you're ready to make an offer, you should have a good idea of
what the home is worth and what you can afford. And, be prepared for
give-and-take negotiation, which is very common when buying a home. The
Albuquerque New Mexico buyer and seller may often go back and forth until they can
agree on a price. |
| What is earnest money? How much
should I set aside? |
| Earnest money is money put down to
demonstrate your seriousness about buying a home. It must be substantial
enough to demonstrate good faith and is usually between 1-5% of the
purchase price (though the amount can vary with local customs and
conditions). If your offer is accepted, the earnest money becomes part of
your down payment or closing costs. If the offer is rejected, your money
is returned to you. If you back out of a deal, you must forfeit the entire
amount. |
| What are "Home
Warranties," and should I consider them? |
| Home warranties offer you protection
for a specific period of time (e.g., one year) against potentially costly
problems, like unexpected repairs on appliances or home systems, which are
not covered by homeowner's insurance. Warranties are becoming more popular
because they offer protection during the time immediately following the
purchase of a home, a time when many people find themselves cash-strapped. |
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