The CMA is a is
a tool for comparing
the subject property with other similar
properties in the neighborhood. A well-prepared
CMA is critical in helping to
determine the fair market value of
the home (which may be what you offer).
Your real estate agent should have
a form specifically designed for this
purpose. If during your property search
you completed the Property Comparison
form, the CMA is practically complete.
The CMA will also include Listing
Date, Listing Price, Listing Expiration
Date, Sale Price, and Sale Date,
number of Days on the Market. The CMA
should include homes currently for
sale, home sold and homes which were
listed but didn't sell.
Protect
yourself. Your offer should
contain financing and inspection
contingencies for your protection.
If you're working with a licensed
real estate agent, it's likely she'll
be using a comprehensive form which
includes standard text for virtually
all normal contingencies
Think
ahead. Now is the time
to plan when you want to close
the transaction. If you're nearing
the end of your tax year, discuss
with your tax advisor the best
time to close. There may be benefits
associated with closing in the
next tax year.
Consider closing
near the end of the month. Pre-paid
interest on your new loan will
usually be less. Coordinate
closing with the closing of your
current home, or the termination
of your lease.
Present
your offer. If you're
working with an agent, she'll
likely present your offer
for you. Letting her represent
you will help protect against emotional
flair-ups which can occur in face-to-face
negotiations between principals.
Negotiate. Unless
you're offering the seller exactly
what they're asking, prepare to negotiate.
A good real estate agent will be
schooled in the art of negotiation
and will employ important negotiation
techniques while representing you.
Additionally, you can benefit by
reading up on the subject. Local
and on-line booksellers will have
many books on the subject from which
to choose.
Questions?
LendFast.com - Making an Offer on Buying a Home
