Making Purchase Offers

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HUNT REAL ESTATE
Tod Myers - Agent
Cell: (585) 414-0855

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Didn't this real estate agency used to be a CENTURY 21 real estate agency?
Yes, it did. However, CENTURY 21 Capital and HUNT Real Estate have merged to help form the regions LARGEST real estate office for selling homes and commercial space. Now, the power of 1000 HUNT REALTORs in Western NY and the several other ERA REALTORS nationwide are ready to buy or sell a house for you.

A Final Note About CENTURY 21 & HUNT Real Estate from REALTOR Tod Myers
Buying or selling a home is one of the most important things you will ever do. Making the switch from CENTURY 21 to HUNT real estate was a difficult one. However, CENTURY 21 and ERA are owned by the same parent company with different flairs on how to buy or sell a home. CENTURY 21 was a part of my and my clients lives that helped them buy and sell homes in Rochester, NY.

© 2011 HUNT REAL ESTATE, Hunt Real Estate,- Rochester, NY & MyRochesterRealtor.com/ MyRochesterAgent.com. Equal opportunity organizations/Equal housing opportunities. MyRochesterRealtor.com is property of Tod. A. Myers, REALTOR/Lic Real Estate Sales Agent for HUNT REALTY. Each Hunt Real Estate Office is independently owned and operated. All rights reserved. Information appearing on this site has been produced by or obtained from the Greater Rochester Association of Realtors®, Hunt Real Estate Corporation, its representatives and from Hunt franchisees. Hunt Real Estate Corporation & MyRochesterRealtor.com are not responsible for the accuracy or completeness of the information, sales associate information, listing information or other information provided by our others appearing on or through this site. Such information has been provided by independent third parties who are solely responsible for such content. MyRochesterRealtor.com /MyRochesterAgent.com is part of the “MyGroup” of websites; “MyLakefrontHomes.com”, “MyExecutiveHomes.com” “MyFSBOHelper.com” and "MyAgent" - the only true iPhone home search application for the Rochester NY MLS. MyRochesterAgent.com is part of the “MyGroup” of websites; “MyLakefrontHomes.com”, “MyExecutiveHomes.com” and “MyFSBOHelper.com”. MyRochesterAgent.com, a homes for sale website for the Rochester and western NY area, was previously affiliated with CENTURY 21 & CENTURY 21 Capital Realty. CENTURY 21 Capital and Hunt Realty, Rochester / Buffalo / Syracuse, NY merged in September 2011 and now operates under the name HUNT REALTY and is also affiliated with Hunt Realty / Columbus Division.

Making a Purchase Offer On A New Home

Once you’ve found your dream house, it’s time to get started with the financial and contractual side of the purchase. Let me guide you through this process. Purchase contracts vary in length and terms from state to state, and within a state, from locality to locality. Because you and the seller have different goals, rely on my experience and expertise. I can bring order and calm to the process and will know what questions you may not know to ask to help you reach a favorable outcome.

Multiple home purchase offers on the same home are not uncommon, so you may only get one chance to make an offer that the seller will consider. That's why it's important to think carefully about your strategy. In most cases it is better to have your real estate professional negotiate the offer. If you have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations.

Making the offer. How Much?

Find out what other homes have sold for in the area, how much money you might have to put into repairs or renovations. These considerations factor in with how much you're comfortable spending.

Also, it helps to know the features that help or hurt resale. In some areas, a swimming pool actually detracts from a home's value and makes it harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may affect the home sale and future value.

In addition to sale prices for other homes, there are several ways you can determine a good amount to offer:

The condition of the house. Is the home in move-in condition, in need of paint and other cosmetic improvements, or a fixer-upper that needs some real work?
The market. If you are in a buyer's market — where there are more homes for sale than there are people to buy them — prices are probably stable or falling. If you are in a seller's market — where there are more buyers looking for homes than there are homes for sale — prices are probably moving upward.
Your ceiling. If you've gotten a credit pre-approval, you know how much you can borrow for your home purchase. Of course, you may not be comfortable paying as much as you've been approved to borrow, so think carefully about your financial situation before making an offer.

Next, decide how much you are willing to pay for a home. Remember, the advertised price of a house is just a starting point – it may take quite a bit of negotiating to arrive at a final cost.

Lease Options

A lease option is an arrangement between you and a seller to exercise the option to buy a house after you have rented it for a specific period. A portion of your rent would be applied toward the purchase if the option is applied. This is referred to as rent credit, which most institutional lenders will accept as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement is in effect, a copy of which must be attached to the loan application. Read any lease option arrangement carefully for details on transferring the option and other important concerns.

Buying a Home With Cash

Though most buyers don't buy a home with all cash, anyone considering such a move may be wondering how. Because all cash buyers sidestep the time-consuming loan qualification process, the deal can close very quickly. The primary advantage of buying a home with all cash is completely avoiding mortgage interest. Buyers also save money that would be spent on loan origination fees, required appraisal , some closing costs and various other charges imposed by the lender.

At the same time, all-cash buyers should consider potential pitfalls of the transaction. Buyers who want to use the home as their primary residence lose out on many of the tax advantages available to homeowners with conventional loans.

If you can afford to pay cash but are concerned about price appreciation, you may be better off obtaining some financing. Also, look at other investments that are paying off and determine if spending cash on a home is worthwhile.