Tag Archives: offer

You want to buy a house. Step 3 – Determine market value

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Step 1 – Get your pre-approval letter from your lender

Step 2 – Look at houses in your pre-qualified price range

Step 3 – You found a house you like and you are ready to submit an offer.  Rick and Sharon will help you determine the fair market value for the house you wish to purchase. They will do ‘comps’ in the area to find out what other properties of like size, age, location, and amenities have sold for in the past 6 months. You will want to consider the average, high, and low price per square foot of the sold properties and compare those same numbers to the property you want to purchase.

To find price per square foot:

  • Divide the home’s price by the number of square feet to figure its cost per square foot.
  • The formula is: Price / Square Feet = Price Per Square Foot. Ex: $132,000 / 1250 sq ft = $105.60 per square foot.

Step 4 – The offer.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information. Like us on Facebook!

 

If I see it does it stay?

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refrigeratorWhen buyers are house shopping there’s often confusion about what will remain with the house after the sale. It’s best the seller is specific in the listing to note what is included and what is not. For instance, normally the refrigerator does not stay. So, if the seller’s intent is to include it with the sale of the home it should be in the listing stating that it conveys with the property or conveys with an acceptable offer.

If items are permanently affixed they generally convey with the sale unless specified otherwise. The dishwasher, oven, light fixtures, and even landscaping are considered fixtures and will generally remain with the house. Things like a flat-screen TV, counter-top microwave (not built-in), curtains, and refrigerator are not considered fixtures and will probably be moved by the seller.

Make sure you get it all in writing even if the listing states the refrigerator will stay because it’s not legally binding unless it’s part of the sales contract or listed on the non-realty addendum.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information.

Offer VS Contract

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You found a house you like and you are ready to make an offer. What’s the difference between an offer and a contract?

  • The buyer makes an offer by signing and submitting the real estate contract to the seller via their agent
  • The seller can accept the offer by signing it, reject it – the offer is terminated, make a counteroffer – the original offer is terminated, or not respond to the offer
  • Before the offer or counteroffer is accepted, meaning both the buyer and the seller agree and sign the contract, the offer or counteroffer may be withdrawn
  • The buyer can counter the counteroffer. This process can go back and forth as many times as needed until both parties agree or one party withdraws
  • We move from offer to contract after both parties agree and sign

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information.

First Time Homebuyers – Pre Approval Letter

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letterWhat does it mean to have a pre approval letter? Most of the time when you submit an offer on a house you will need to show you qualify for the amount of money you are offering. Obtaining a pre approval letter means you have met with a loan officer who has gone over your credit files and has determined that you can afford a certain amount for a home loan.

The pre approval letter is not a final loan commitment but it shows that you are able to buy the property for the amount offered. Many sellers do not want to accept an offer and take their house off the market if they are unsure if the buyer can afford the purchase.

So one of the beginning steps in purchasing your first home is to find a lender you are comfortable with and get a pre approval letter.

If you would like Rick and Sharon to meet with you to discuss buying or selling a home please call 361-433-0520. Or email rick@gcrtx.com or sharon@gcrtx.com. Ask about our Educator Incentive Program. Try our Property Search to find houses with up-to-date information.