Wait! Before You Make That Offer…

Inspection Flowchart
Inspection Flowchart

You've found the perfect property and you got to have it... WAIT! before you make that offer... here's the two hour conversation I wish I could have before you make an offer on any property with the things you NEED to know.

In this class you'll learn:

  • Have you read the contract? Did you do these critically important things with the contract yet?
  • Do you FULLY understand Earnest Money, how it really works in this specific case and much more
  • Do you have your down payment and understand when and how down payments work?
  • Do you know all about Seller Concessions, why you may or may not want to use them and how they work?
  • Are you 100% good to go with your lender? Did you do these critical steps?
  • Do you fully understand what happens if your lender does not perform and why it is critically important you pick the right lender?
  • Do you fully understand the inspection process, what you can and can't object to, and how objections work (with your Earnest Money and your contract)?
  • Do you understand the tricky timing issues with appraisals and inspections and what our best plan of action is in this case?
  • What's your plan with PMI (if applicable)?
  • How do you feel about the value of the property? Rents for the property? Comps for each?
  • Do you know the best practices for strengthening your offer if that's what it will take to get your offer accepted? Do you understand the risks of each?
  • Do you understand the pros and cons of escalation clauses and the risks/dangers of using them?
  • Do you really understand the risks/dangers of appraisal waivers and appraisal gaps?
  • Have we thoroughly discussed any conditional sales or home sale contingencies and how those might play out for you?
  • Have we discussed getting advice from your attorney about how you're taking title to the property?
  • Did we get a chance to go over ILCs and surveys for the property?
  • What if things don't go as planned... do you FULLY understand how to terminate and get out of the deal and when you're stuck and can no longer terminate?
  • Do you FULLY understand the concept of acting in GOOD FAITH and how not acting in good faith can bite you in the butt?
  • What is the true COST of going under contract? How much will you need in all the obvious and not so obvious, hidden costs?
  • Which fees are NEGOTIATED in the contract? Which are not?
  • Do you truly, deeply understand how the inspection negotiation process works?
  • Do you understand how negotiating on appraisal works?
  • Do you understand how to read and interpret a title commitment or know where to get advice on that?
  • What due diligence are you expected to do? How does that all work?
  • What if the property has solar? Do you got that?
  • How does letting the seller stay in the property after closing work? Why would you consider that and what are the risks and benefits—including issues with your mortgage?
  • Do you know what you're buying? What's included? What's excluded?
  • Do you understand how pro-rations work? What is pro-rated? What's not? And, how that can make a difference?
  • What if personal property is expected to be included? Do you fully understand that?
  • Plus much much more...

Duration: 1 hour and 56 minutes
Recorded: March 21, 2021
Instructor: James Orr