Components Of An Offer To Purchase When Buying Regina Real Estate

Offer Price

Deciding how much to offer to purchase a home is a difficult decision to make. If you offer too little, you may lose out on your dream home. If you offer too much, you will pay more than the house is worth. To make a smart offer and determine price, it is important for you to look at Regina real estate market conditions and comparable sales in the area before putting in your offer. This includes looking at recent sales between 30-90 days, sold homes located in the same neighbourhood, whether the houses are updated or outdated, and has a similar number of bathrooms, bedrooms and square feet. This will give you a better idea of what the home is likely to sell for than the listing price. However, comparable sales are not the only factor determining what the house is worth. It is also determined by competition and what buyers are willing to pay.

Conditions

The next step is to determine what conditions you want to add to your offer to purchase. Adding conditions is a way to protect yourself when making an offer. The most common conditions in Regina real estate market include the following:
Inspection: A home inspection is a good way to determine if the home is in a good condition. An inspector will write a report with their findings and tell you if anything needs to be repaired. It can be risky and costly if you do not add this condition to your offer because unexpected issues may turn up after possession that you would have liked to be aware of.

• Financing: Adding this condition gives you time to get your mortgage approved. This will protect you from the possibility of not being able to obtain a mortgage and from losing any deposits you put down on the property. 
• SaskEnergy Gas Line: This allows you to determine if there are safety hazards and encroachments that SaskEnergy has found and if they need to be dealt with. Any encroachment may be required to be removed or structures relocated without notice and at your expense so knowing about them before you move in can mitigate future issues.
• Other-Professional Home Cleaning: If you are concerned about the home cleanliness, you can add a professional home cleaning condition to your offer. This requires sellers to hire and pay a professional to clean the house before the buyers move in. 
• Sewer Line Cleaning: Sewer lines can back up when you least expect it and cause serious and costly damages. They require regular maintenance and it is essential you know the condition of the sewer line. A sewer line cleaning will help cut through or grab obstructions, and get rid of severe clogs. 
• Repairs Prior To Possession: If you find any problem with your home inspection you can negotiate with the sellers to fix it before you move in. Additionally, until you take possession the seller is responsible for any damages that have occurred to the property. If the seller is resisting fixing the damage, you will need to talk to a lawyer for legal advice. 

Possession Date

Another determining factor when writing your offer to purchase is the possession date. This is the date when the title of the property will be legally transferred to the buyer. Sellers have to move out by this specific date and the buyers are allowed to move in. You may have a specific date in mind when you want to move into the home but this can be a good bargaining tool. You can make a stronger offer if you match your possession date to the seller’s desired date. In the Regina real estate market common closing time frames are 30, 45, and 60 days. This allows the seller's time to find a new home, remove all the contingencies, finish necessary paperwork, and more. 

Inclusions 

Generally, things that are included in the sale are anything that is nailed, cemented, glue, screwed, or bolted to the home. However, it is important to identify in the offer what items you would like to be included. These include appliances, outdoor furniture, tv wall mounts, projector screens, window coverings, and more. If an object is permanently joined to the property such as fixtures, it is assumed to be included in the home unless specified in the purchase agreement. However, it is important not to rely on a verbal agreement and get everything written in your contract. Otherwise, the seller can take those items without any consequences.

It is a good idea to educate yourself about the components of an offer when purchasing a home. This will help you understand the contract and negotiate for better terms so you are not surprised by unexpected costs and repairs. Although, hiring a good Regina real estate agent is still extremely important. They will make sure you will not leave out anything important in your purchase contract, ensure you fully understand all terms, and the sale goes smoothly. An experienced Regina real estate agent will have good knowledge of the local market and will ensure you do not overpay for your home. 

Contact Me

If you have questions about the components of an offer to purchase, please give me a call at 306-552-7047 or fill out my online contact form.