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Property insurance. To ensure that this initial stage of the real estate transaction goes well, it’s important to submit the offer in a timely manner. While there may or may not be a definitive time limit in each state (such as 24 hours), it is in everyone’s best interest to submit the offer as soon as possible. Closing dates.
Like making counter-offers and going through the home inspection process, the home appraisal can be a sticking point between buyer and seller. For example, if you offer $200,000 for the home, putting in a $20,000 down payment, you'll owe the remaining $180,000 plus fees to the bank. Of course, this wouldn't happen overnight.
Negotiating a Purchase Price Again, the tax assessor's office can give you a ballpark figure around which offers and counter-offers can hover. While it might seem counter-intuitive, appraising vacant land is more daunting than doing so for improved land.
Banks are also more likely to present a counteroffer because they must demonstrate they tried to get the best possible price for the property. If you are expected to do so yourself, hire a title company to run a full, insured title search before closing the deal. Contact the lender to see if the title has been cleared.
A title company will provide a title commitment, which is a promise to issue title insurance for the property. By providing a comprehensive and honest disclosure, you’re not only fulfilling your legal obligation but also building trust with potential buyers.
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