Searching for real estate in the local MLS system for Naples and Bonita Springs is the fun part of looking for a home. Touring the properties with a knowledgeable Realtor brings it to life. The important part of actually buying a home is the contract. Think you know what you’re doing? Check out some of these bullet points and you may have more questions than you do answers:
- There are actually two contracts that are commonly used in our area – the NABOR contract and the FAR/BAR. Do you know the difference? Do you know when one is preferred and customary over the other?
- How do those two contracts differ with regards to home inspection items?
- Is a seller required to respond to your offer?
- Why are there two escrow deposits and how much should they total?
- Do you need an attorney to conduct closing?
- Do you have to be there in person to complete the purchase?
- When is it advantageous to use the “As Is” addendum? Why?
- Can you still have inspections with an “As Is” contract?
- What happens if I purchase a property “As Is” but something breaks between contract and closing?
- If you check the “Cash” box, can you still make the purchase by obtaining a loan? Why would you present the contract in that manner?
- How does it work in Florida if you are competing with other contract offers?
- How many days do you have to conduct inspections?
- What happens if an inspection shows presence of radon or mold?
- How do you correctly write a contract for a “Turnkey” property? Does that change if you purchase with a loan?
- If you write a cash offer, can you still require the property to appraise?
- What disclosures should you expect to accompany the contract?
Back in the day, the local real estate contract was a one page document. Now? The contract itself is 10 pages long and typically would be accompanied by a Sellers Disclosure, HOA Disclosures as well as optional addendums or amendments. Align yourself with a Realtor who is experienced, knowledgeable and has the credentials to guide you through the whole buying process – from searching the Naples area MLS, advising about the different neighborhoods as you tour homes and condos as well as, very importantly, the execution of a written contract offer.
As full time real estate professionals, we represent both buyers and sellers in the Naples. If you are a seller, we market your home to local, national and international buyers for the best results. If you are a buyer, we listen well and will find your own “Piece of Paradise” at the best negotiated price and terms.
Tim Cranch at 239-272-4848 or Ellie Penaranda at 239-776-4848
TimCranch@StepsToTheBeach.com Ellie@StepsToTheBeach.com
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