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