Ron's Blog Conroe/Woodlands/Lake Conroe

Okay I missed last Friday. Sorry about that but I hope you will forgive me when I tell you I got rear ended in an auto accident the previous and was trying to find a new car. By the way he got the ticket.
Today let's talk about submitting a contract to buy a home. It is not, as most people think just about the price. There are three basic elements to making an offer on a home. Those three elements are price, time and terms. Price is all that most people think about because it is all about the money. However time and terms can play a major roll in trying to get a better price. Time of course involves when you close the transaction. Do you need to close on the home in two weeks and move in or can you afford to wait three months until the end of the school year so the buyer's kids can finish the term? That decision can play a major roll in the price.
Terms involves everything from who pays for the one year home warranty, escrow costs, title insurance, survey, seller lease backs, on and on and on. All of these can play a vital roll in getting the deal you want.
Please do not expect to make a "low ball" offer and get all of the time and terms you want. It does take two sides to make a deal. I have a buyer who has a wonderful home priced below the market because she has to move. She recently received an offer that was 22% below her asking price. Needless to say she rejected the offer and told the buyer to go away. You should not pay more than a home is worth in the current market but please do not expect to pay a whole lot less either. You can possibly however with a good agent use the time and terms element to your advantage.
Ron