Proves that the title is not clouded by any unknown encumbrances.
Certifies in writing the overall function and condition of the home, including appliances, plumbing mechanics, and electrical systems.
A report indicating any structural damage to the home caused by pests such as termites.
Certifies that both the Seller’s agent and the Buyer’s agent have done their due diligence by performing their own respective visual inspections of the property.
A report outlining the likelihood that the property could be affected by natural hazards like earthquakes or wildfires based on the physical location of the property.
This only applies to properties that are within an HOA zone. Properties that fall under HOA supervision tend to have more rigorous regulations, rules, potentially mandatory board meetings, or any other additional documentation the HOA will need you to provide. Your agent will know in advance if this disclosure applies to you.
Before drafting the official Offer Letter, you and your Ballou Group agent will come together to formulate a strategy on how much you’re willing to pay for the property. The structure of the offer will be based on several conditions regarding the property itself, the local market trends, and your budget range. Once the Offer Letter is submitted to the Seller, the negotiation process will begin.
* A CMA is a detailed report outlining how this property compares to other recently sold properties in the area. This provides a clearer picture of the overall market.
Your Ballou Group agent is equipped to sit down with you and explain all these factors in more detail to ensure that you have all the information you would want to know about a home before submitting the official Offer Letter. This will help you stay prepared in the event of any hiccups along the way, such as a bidding war or unprecedented costs for renovations that might make the property less attractive to you as a buyer. Once you submit the official Offer Letter, your Ballou Group agent will navigate the negotiation process. During the negotiation process, your offer will either be accepted, denied, or countered.
Contingencies can be summarized as “escape clauses” in a real estate sales contract that protects buyers by allowing them to walk away from a sale without losing their earnest money deposit. Common contingencies include the Home Inspection Contingency, Appraisal Contingency and Financing Contingency. Both the Buyer and Seller must agree to the contingencies in advance to ensure that they are a viable component of a legally binding contract.
As the old saying goes, “everything is negotiable.” In real estate this is especially true. This is why it’s important to have an agent acting on your behalf when it comes time to negotiate the deal.
With the Ballou Real Estate Group, our agents are experts in the art of negotiation. A Ballou Group agent will assist in doing necessary research to uncover the best strategy, explore common objectives before exploring differences, as well as helping to define your ideal outcome along with the steps it will take to move both parties towards this outcome.
Often, deals will fall apart over seemingly small and inconsequential details. This is why it’s essential to have the negotiation intelligence of an experienced agent in order to prevent a deal break down.
As part of the negotiation strategy, your agent will take many elements into account, including:
Escrow is defined as a financial arrangement in which two parties enlist a neutral third party (who is neither the buyer nor the seller) to temporarily hold money, paperwork, or other assets for a transaction on their behalf before the transaction has been finalized. The escrow process takes place between the time a seller accepts an offer and the buyer gets the keys.
The process of escrow was established to utilize a neutral third party to facilitate the smooth transfer of real estate between Buyer and Seller. Here’s a brief outline of the escrow holder’s duties in a transaction:
Overtime, the value of your property is more likely to increase than to decrease.
The annual appreciation rate for house prices has averaged 9% in the past five years. National Property Information Center
Buying out a property and renting it out can oftentimes add some extra cash to your bank.
The demand for nice and comfortable homes is on the rise, especially in places that provide ample amenities nearby.
The right property investment can still assure you an income even after retirement, bringing in yields and profits from sales or rentals.
Property can be considered an asset as it will increase in value and provides a stable and secure investment.
Use our mortgage calculator as a learning tool, but keep in mind that real rates and monthly payments can vary based on market conditions and factors like location and loan details. The estimates provided are based on your input and might not cover additional fees, such as taxes and insurance, which could increase your actual payment. Note that Ballou Real Estate Group does not provide loans, and this tool does not constitute a lending offer.
