Once you negotiate and settle on a price, the buyer arranges for financing and a home inspection. This section will help you with these important steps.
NEGOTIATING THE REAL ESTATE DEAL
Successful negotiating encompasses the acquired ability to use certain skills and techniques to bring about coveted win-win results. I will help you stay focused, objective, and not let your emotions rule.
- Start with a thoroughly researched, fair price.
- Respect the other side's priorities. For example, a buyer with an urgent move-in date might be willing to consider your home first if you can be flexible with the possession date.
- In any case, be prepared to compromise: "win-win" doesn't mean both the buyer and the seller will get everything they want. It means both sides will win some and give some.
TIP: Become familiar with a typical real estate purchase and sale contract in advance of any negotiation
A home inspection is a thorough visual examination of the home and property. A Buyers agent will definitely have a condition in their offer asking for a home inspection. A pre-sale inspection could set your house apart from the competition as it enables you to address problems before you even put the house on the market. It also removes any questions about the condition of your home for you and a potential homebuyer and could improve the speed, price and likelihood of a sale.
The inspection process usually takes two to three hours, during which time the house is examined from the ground up. It includes observation and, when appropriate, the operation of the plumbing, heating, air conditioning, electrical, and appliance systems, as well as structural components, such as the roof, foundation, basement, exterior and interior walls, chimney, doors and windows.
Some home sellers elect not to correct every defect found in the inspection report. Instead, they acknowledge the defects to buyers and explain that the asking price has been adjusted to reflect the estimated cost of repairs. Such candour tends to shorten negotiation time because buyers have fewer objections.
In addition to facilitating the sale of a home, an inspection helps the homeowner comply with full-disclosure real estate laws, governed by Saskatchewan laws. By focusing on the condition of your property, you are less likely to overlook a defect or material fact for which you could later be held liable.
A thorough home inspection covers more than 1,000 items, everything from the foundation to roof and takes two to three hours depending on the size of the property. The report should reflect the condition of about 400 items.
TIP: Home inspections are for buyers; appraisals are for lenders. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property.