The first and only way to begin the decision-making process is to "put pen to paper" as my parents say. A dream home becomes a horrible nightmare the moment you can't afford it. As you,
CONFESSIONS OF A HISTORIC HOME OWNER NUMBER 3 Making The Offer
CONFESSIONS OF A HISTORIC HOME OWNER NUMBER 3
So now you've followed my advice in searching for a Historic Home, hopefully with a qualified realtor with vast experience in Historic Homes, and now you have found the right one for you and are now considering making an offer. You must ask your realtor for the best Comparative Market Analysis they can produce, and hopefully, they know how to provide an RPR Report on the property from the National Association of Realtors. These CMA's can be deceiving, so have your realtor research these as much as possible. One home may have sold for more that the other homes, but you don't see on this CMA, that the seller offered a $20,000 allowance for some repair(s) or closing costs......, happens many times! So the purchase price, was actually $20,000 less that the Sales Price!
In historic, I have seen, and submitted offers for clients, where there were 5-7 offers on that home. If you really want to be a "player" in this process, this is NOT the time to negotiate....this IS the time to make what we term a neat offer. Full Price, NO closing costs, and buying the home in AS IS condition. The full price offer (maybe somewhat higher depending on that CMA info we mentioned earlier......) and of course, one above list price, will get their attention. NO Closing Costs and the AS IS condition truly makes this a much more attractive offer.
I receive an offer last year, mentioned in COHHO Number 1, had all of those items, AND, they were willing to purchase WITHOUT an appraisal (they ONLY way they won the bid.)
(Some buyers have also included a letter to the Seller(s) indicating their true desire for the home and list it's many advantages for them!)
Many realtors have picked up on this strategy, knowing that the Inspections process is the next "negotiation". Purchasing AS IS, does NOT mean you won't conduct thorough inspections.
COHHO Number 4 will detail the myriad of inspections that can, and many times, MUST be included when you purchase one of these "Antiques"!