Ready to Buy a Home in Cedar City?

So, you’ve done all the right things. You researched the Cedar City area and determined where you’d like to live in the City. You hired a real estate agent who has a lot of experience in buying and selling local property. And, you and your Realtor finally found the perfect home. Now you may be wondering what to expect from the experience of making an offer on a piece of real estate. The following is likely to happen.

You’ll Consult with Your Agent on the Offer Price

Once a client has found the perfect home, a real estate agent will sit down and do a market analysis on the home in question. This is done to determine a fair market price on any home that a client wants to purchase. An agent will find comparable home sales and look at current market trends, including supply and demand in the current home inventory. After gathering all this information, your agent will explain what he or she has found and tell you whether or not the current asking price is at current market value. If it is not, your agent may recommend that you make an offer at a lower amount. He or she may also recommend you offer a lower amount if the home has been on the market for a long time with little or no interest.

Your Agent May Call the Seller’s Agent

While in many cases an agent will fill out an offer agreement based on what the clients want to offer and fax it to the seller’s agent, in some cases he or she may call and talk to the agent before taking that step. Sometimes it’s good for the buyer’s agent to find out what the seller is willing to sell for, especially if the intent is to make an offer at a below-asking price. This can save time and a lot of back and forth with amending the contract.

Your Agent Will Fill Out the Purchase Agreement and Explain It to You

Once you have determined an asking price and any special terms you may have, your agent will prepare a contract offer. This agreement is usually faxed to the seller’s agent, and then presented to the seller. In some cases, terms in an addendum may be added to the contract by the seller, which the the contract is returned for the buyer to review. This may go back and forth several times. In most cases, this contract will have a time by which the contract must be accepted, otherwise a new one will have to be prepared. Working closely with your agent to respond in a timely manner to various requests is important to making the buying process a smooth one.

Your Agent Will Help You Accept the Offer

Once it appears an agreement has been settled on, your agent will review all of the terms in the contract, including any new addendum information. He or she will then help you sign and initial in all of the right places, and then deliver the contract for the seller to sign through his or her agent. In most cases, getting the contract signed by all parties is pretty easy once the negotiating has been finalized. When both the seller and buyer have signed the purchase contract, it is binding. There may be some terms in the contract that will allow the buyer time to do some due diligence to ensure there aren’t any serious problems with the home. It’s important to know the date by which you have to complete a home inspection so that you aren’t stuck in the contract if something wrong is found with the house. Your agent will help you stay on top of this.

With the help of an experienced Realtor in Cedar City, you will be much more likely to make a good offer and have it accepted. Make sure you understand the terms of your agreement by asking lots of questions of your agent. He or she will be happy to help you understand what you are agreeing to.

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