A.D. Cantelmo Property Management
Our Business is Property Management in Orange County California
Where do you start?
Once your offer on a home has been accepted, what is your next step?
Remember the time tables involved in the purchase contract. You want to move
quickly and efficiently in order not only satisfy the contract, but you want
to make sure you are going to want to close this deal.
The first thing of course is get your contract to the lender and make
sure they understand the urgency in getting the final loan approval. Remember there
is going to come a time depending on what is agreed to in the contract, when
the seller is going to want you to waive your loan contingency. You need to get
the loan approval as soon as possible.
The next thing you need to do is get your home inspection. Get that
done in the first 3 days. You want to know whether you are going to move
forward before you pay for an appraisal. What you are trying to do is move
forward and spend your money wisely. The home inspection will be important, but
don’t go crazy and ask the seller to re-build the house. When you read the
inspection report, it is going to make the house sound as though it is going to
fall down. Use your head and don’t over react. If the home inspection shows that
it is going to cost you too much money to repair and these repairs are things
that need to be done, don’t just fill out a form and give it to the owner, sit
down with the owner and go over it with them. See it you can come to an
agreement to either repair the problems or settle on a cash amount to be paid
at the close of Escrow. Be reasonable and again, don’t let your Realtor try and
be a hero. It is easy in this situation to sour the deal. If you want the home,
unless the house is going to fall down, don’t let the home inspection destroy
the transaction.
Once you are comfortable with the inspection, you want to have your
Lender order the appraisal. This is going to also be a stressful period, waiting
for the results of the appraisal. If the number comes in where you need it to
be great, but if for some reason the number comes in low, then you need to go back
to the negotiating table and try and get the owner to lower the price. This is
not going to be easy, but again the negotiation is only going to be as good as
your willingness to walk away from the deal. It is harder for you to do that
now, because you have paid for the inspection and the appraisal, so you have
around $700 out of your pocket, and you have some emotional investment. Do your
best at this point, but I would not suggest taking money out of your pocket to
meet the number of the appraisal. The Seller has pressure on them and you
are going to have to rely on that pressure to get them to meet the price.
In my business of Property Management in Anaheim Ca. I let people know
that The pressure of the first 10 days in a Real Estate transaction can be immense
and people can lose their composure, but do your best to remain calm and if you
anticipate problems before you go into the transaction then you will be better
able to handle the pressure. Think of it as an athletic event. You have
practiced every scenario you can think of and are ready to handle the problems
that come up.
A.D. Cantelmo Property Management Specializes in Property
Management in Orange County Ca.