Once your offer has been presented to the seller the negotiating process begins. There are likely to be numerous counter-offers going back and forth between you and the seller. There are a few important things to remember:
Your offer is just that – an offer – until it has been accepted and agreed to by both you and the seller. At any time during the negotiating process another offer could come in and cause you to be in a multiple offer – or worse – lose the house completely. A wise buyer will try to come to an agreement with the seller in a reasonably short period of time.
If your contract calls for a home inspection and/or a financing condition, please choose both of these as quickly as possible and let your agent know who they are. Your service providers have a limited amount of time to protect your interests.
Be sure to comply with all requests of your lender after the mortgage application has been done. Not producing the documents or information they need can jeopardize your getting your mortgage on time.
Generally, the buyer accompanies the home inspector at the inspection. Please allow at least 2 to 3 hours for an average inspection. More time may be necessary for a large home.
Your Realtor will act as coordinator for all activities from this point and will keep everyone in the loop as far as what is going on. The lender, home inspector, both attorneys, the other REALTOR, the title company will all be performing necessary duties during this time.
If necessary your Realtor will work together with the cooperating Realtor to negotiate any repairs that were noted during the home inspection. Remember, routine maintenance items are not the type of thing that should be noted and negotiated. The purpose of the home inspection is to avoid buying a home with major structural deficiencies.
Your walk through will be scheduled as per your sales contract. Your Realtor will schedule this with you, the seller and the listing agent. It should happen just prior to the closing.
If all of this sounds a little overwhelming – don’t worry – you’re in good hands. Your Realtor has been through this many times and will be there for you during the entire process. Relax and enjoy the experience.
RE/MAX Alliance Victoria
770B Hillside Avenue
Victoria, British Columbia
Canada V8T 1Z6