Buyer Beware: 5 Common Mistakes to Avoid When Writing an Offer

Writing an offer on your dream home is a delicate dance between paying fair market value for the home and meeting your budget. Working with a skilled realtor is essential in crafting the perfect offer to increase your chances of securing the home. Don’t make these 5 common mistakes when writing an offer:   Not getting pre-approved for a mortgage (if not paying all cash): Getting pre-approved for a mortgage tells the seller you are able to afford the house and shows that your offer is a serious one. In order to get pre-approved, you will need to send financial information to your chosen lender, and you will receive a pre-approval letter that you can send to the seller. This step increases the likelihood of your offer being accepted and improves the strength of your offer. Note that a pre-qualification letter is not the same as a pre-approval letter.   Not being informed on current market conditions: It’s crucial to be well-educated about the market you are purchasing a home in. You’ll want to know if it is a seller’s or buyer’s market (or balanced), how long homes have been on the market, and what comparable homes recently sold for. Working with a knowledgeable realtor is essential in keeping you informed. Making a lowball offer, while it may seem like a great way to save money, can offend the seller or make it appear that you are not serious about the home. A lowball offer may be rejected outright, preventing negotiations from taking place.     Choosing not to work with a real estate agent: Real estate agents are crucial in ensuring you are educated on current market conditions, assist you through the complex offer process, and negotiate as needed. Although you may want to save money in the fees it costs to pay an agent, those who use an agent actually end up saving money on average by receiving a better deal. Experienced agents provide invaluable assistance to home buyers to navigate the offer process and ultimately secure your desired home.   Getting emotionally attached: Falling in love with a home and feeling like you need that exact home can lead to overbidding and spending out of your budget. Although it's easier said than done, try and look at the home objectively. Check market comparisons, potential flaws, and budgets when deciding on a home. Make your offer based on these facts, and try your best to keep the excitement and emotions out of the picture until the home is yours.    Not reviewing the contract thoroughly: There are many different parts of a real estate purchase agreement. Pay close attention to the purchase price, included or excluded items, closing date and costs, contingencies, and earnest money deposit when reviewing your contract. It is extremely useful to have a real estate agent for reading contracts, as they are able to decode complex legal wording and help you understand what you are signing. 

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Homes in Golf Course Communities

Credit: Edward Goeters Golf course living is favored by many and there’s no question why: living on a golf course offers expansive green vistas of well-manicured greens and fairways, quiet evenings on the deck, and close proximity to the amenities of the course and clubhouse that can come with being a homeowner. If this sounds like the life you want to be living, check out these listings in Golf Course communities in Boise!   1275 E Broadstone Court 3 Bed | 2.5 Bath | 2,308 sf   1560 E Nines Point Lane  6 Bed | 6.5 Bath | 6,775 sf   500 E Balmoral Road  4 Bed | 3.5 Bath | 3,909 sf   4416 N Burnside Place 3 Bed | 2.5 Bath | 2,951 sf   4515 W Hillcrest Drive  4 Bed | 3.5 Bath | 4,422 sf   3900 W Hillcrest Drive 4 Bed | 3.5 Bath | 4,085 sf   River Club 2022 - Parcel C  1.33 acre lot ON THE BOISE RIVER

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5 Red Flags on a Home Inspection Report

Credit: Nolan Isaac via Unsplash A major step in the home-buying process is getting a home you are interested in buying inspected by a professional home inspector. This process ensures that you know exactly what the issues with the home are, and that you are able to make an educated decision on whether to accept the condition, negotiate for repairs or credits, or walk away altogether. This article walks you through 5 red flags to watch out for on the home inspection report of your potential home that shouldn’t be ignored.   Disclaimer: It is advisable for interested parties, whether engaged in purchasing or selling, to consult with a certified and insured home inspector, in addition to seeking counsel from their designated real estate agent.   Structural damage: Credit: Unsplash Structural damage can be caused by high winds, seismic activity, or flooding in a home and can pose a major issue for the future of the house. Damage to any part of the structure of your home, whether it be load-bearing walls, the roof, or the foundation, can eventually lead to the stability of the home. Damage in the foundation is especially detrimental to a home and can be irreversible. It is crucial to understand the extent of structural damage in the home as well as the cost to return the home to building code and safety standards.   Water damage: Credit: Nolan Isaac via Unsplash Water damage in a home can come from external sources (floods, hurricanes, tornadoes, etc.) or internal (leaky plumbing or a leaky roof). If water leakage is not quickly fixed, it can lead to long-term damage which can include flooded drywall, warped wood and flooring, and the growth of fungus and mold. At its most extreme, water damage can cause a home to need to be gutted and redone completely. Do not overlook water damage in a home inspection report and avoid paying for it later. If water damage was present and remediated, make sure you receive documentation of it from the homeowner (or yourself if you’ve had the work completed).    Mold: Credit: Unsplash Caused by moisture and water in a home, mold can pose serious health risks. There is an array of different kinds of mold that can grow on almost any surface, from under carpets, in insulation, in attics and basements, and in walls. If mold is in an unseen location, it can grow rapidly and spread throughout the home. Removal of widespread mold can be an extremely costly endeavor, and it is important to take this into consideration when looking at your home inspection report. It’s important to note that nearly all homes will have mold, however, the different species and amount can determine if remediation is required. Like with water damage remediation, get documentation from the homeowner (or yourself if you’ve had the work completed).    Electrical Issues: Credit: Unsplash Electrical issues in a home can vary from heat-producing outlets, flickering lights, aluminum wiring, improperly grounded lines, or counterfeit electrical devices. Although these problems can seem small at first, it can be costly to replace and redo flawed electrical work or even rewire the home in the worst-case scenario. Without being fixed, electrical problems can lead to high energy bills or, in the worst case, a fire.   Pests: Credit: Unsplash Pests may be small, but can be quite problemsome for a house. Pests include carpenter ants, termites, cockroaches, mice, moths, and spiders among others. Wood-destroying insects such as termites are especially damaging and can eat away at the structural integrity of your home. Mice can chew at electrical and create other health problems. Exterminating pests can be very costly, toxic, and in some cases, present larger structural issues that you want to avoid. Annual extermination for ants and spiders is normal, however, look for large infestations to understand the scale of the problem.

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