So you've found your dream home and you're ready to write an offer. Hopefully you're already familiar with things like agency representation, the purchase contract, mortgage pre-approvals, inspections, conditions, deposits, down payment etc etc etc. These are all topics we typically discuss with our clients before we step foot in a home for sale. So, assuming none of that is a surprise, here are three things you should see before making an offer on a home:
- The title. The title has loads of information, such as: the names of the owners, any liens, caveats or encumbrances, the date the title transferred to the current owners, how much they paid for the property, and any mortgages registered on the property.
- The MLS® history. This shows you if and when the property has been listed on the MLS system, for how long and for how much (including price changes).
- Comparable sales. This will help you determine the actual value of the property. Many buyers get caught thinking if they get a certain amount off of the list price they are getting a deal, but if you get $50k off the list price for a home asking $75k more than it's worth….it's not a good deal.
These pieces of information are vital to anyone writing an offer. This help you gauge the position the seller is in, how motivated the may be, what the property is actually worth and more. Don't write without it!
