|Many disciplines are involved in the purchase of real estate. These include professional home inspectors, escrow agents, title insurance, and real estate agents. In addition, specific rules and laws apply.|
There is much to learn and it is ever-changing!
This Buyer's Guide is a resource that gives an oversight to the entire process. It does not cover all possible considerations and does not purport to replace professional guidance that buyers may need with tax and legal considerations.
What are some tips on negotiation?
The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home. Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller's asking price stacks up.
Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sellers and discourage them from negotiating at all.
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers but are allowed to do so by law.
What do all of those real estate acronyms in the ads mean?
If you find yourself stumbling over weird acronyms in a real estate listing, don't be alarmed. There is method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section, including:
Real Estate's Ambiguous Language You Oughtta Understand," Glennon H. Neubauer, Ethos Group Publishing, Diamond Bar, CA; 1993.
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