Did you find the right home, but now don't know what to offer? That's where your Buyer's agent comes in... Your agent should provide you with comps of the area to ensure you of what the current activity is and what prices of properties are currently available, what is under contract and most importantly what has sold in the past six months. Just because a property is a foreclosure, it isn't automatically a good value! Remember, you ultimately have the choice of what you're wanting to pay for a property. A property is only worth what you're willing to pay for it! If you decide to write a very low offer on a property, you must also live with your decision if you don't get the property. Your agent can direct you to what the home is worth and where it should appraise in the current market. The common holes that must be filled out in a purchase agreement are 1. price you're willing to pay, 2. do you need closing cost help or will you be paying your own closing costs (your lender can help to determine what to expect in closing costs and whether it's in your best interest to pay them or to have the Seller help contribute), 3. earnest money (typically a minimum of 1% of price, but remember the higher the earnest money amount, the stronger buyer you'll appear), 4. closing date (lender will let you/your agent know what time frame if using financing), 5. will you be purchasing AS-IS or doing inspections (all foreclosures are being sold AS-IS, but you can generally have the right to do inspections on the property to look for major structural or habitability issues. If there are problems found within your inspection period-usually between five to ten days after acceptance-you can usually get out of the contract.) 6. who will close the property (Georgia uses closing attorneys where many states title companies are used), 7. special stipulations (these are any special notes or requests that need to be put into contract such as: appliances to remain without charge to buyer, ask for a one year home warranty on property, a notation that seller's and lead based paint disclosures won't be provided due to this being a bank owned home, etc.
Be prepared that once an offer is submitted, you may not get a response for a few days. The banks negotiators are so busy that they may not even see the details of your offer for a while and they'll respond as soon as they can. If you have other questions or are looking for a foreclosure in the Savannah, GA area give me a call at 912-655-2554 or email at robinsellssavannah@gmail.com
RAWLS REALTY
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