Quote:
Originally Posted by retiredguy123
First, you make a written offer and include the earnest money as a check to the real estate agent. Personally, in this market, I would make an offer that is lower than the asking price. Always remember that the agent is working for the seller, so do not reveal any information that you don't want the seller to know. You negotiate a final sales price and sign a sales contract that includes an inspection contingency. Then, you hire an inspector who will provide you with a report that will include defects that you should ask the seller to fix. The sales contract will describe your options and the seller's options for dealing with the defects and whether you will proceed with the sales contract. As long as you don't violate any provisions of the contract, you will get back all of your earnest money if the sale does not go through. Good luck.
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I agree with this post. When looking at the home, if you notice something not right, place it as a contingency in your contract. Roof looks weathered? Leaks? Unexplained patches in walls? Appliances making funny noises? Add whatever you notice as a contingency for inspection. Sometimes, the seller will agree with your purchase price and contingencies. Some may try to accept your offer but want to negotiate your contingencies. If they play hard ball with noticeable expensive repairs, move on! Not worth the trouble. It is best to place your deposit in escrow. You will have no problem getting your money back if the sale does not go through. As long as you do not violate any provisions of the contract. This last line is important.