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The Purchase Offer - Part 2

by The Jana Caudill Team

We talked about price, good faith or earnest money, down payment, and financing terms last time.  All of these issues are important in putting your best offer forward, but in order to make one that will be sound and attractive to the seller your offer to purchase must also address the issues of time of possession, contingencies, and inspections.

  1. Time of possession.  The contract for purchase must spell out a specific time when the home is turned over and available for occupation by the new owners.  Possession is often defined by an event such as “day of closing” or “two days after closing.”  That’s the time when the previous owners will be completely moved out and the home is ready for the new owners to move in.  Some offers may request early possession, meaning the home is turned over for occupancy prior to the closing date.  You will certainly want to consider a time of possession that is most convenient for all parties, however venturing too far from possession on the day of closing may warrant a rental agreement to bridge the gap on the calendar.
  2. Contingencies, such as appraisals, inspections and mortgage funding are common in offers to purchase, and protect the buyer in case of the unexpected.  An appraisal coming in under the expected valuation can affect the mortgage approval process as can inspection issues like a leaky roof, lead paint, or a faulty foundation.  Cover your bases by including appropriate language specifying what contingencies need to be met in order for you as the buyer to proceed to the closing table.
  3. Consult with your Realtor.  Chose a reputable Realtor with the experience to help you with your Crown Point, Valparaiso, or Chesterton home purchase.  They can help you gather information on recent home sales that is useful in determining an offer price.  They will also help you navigate the offer to purchase contract and take the time to consult you on the various contingencies, inspections, and other issues that can help spell out an offer no seller will refuse.

Budget Bathroom Redo's

by The Jana Caudill Team

Getting the itch to do something about that dreadful main level guest powder room but you’ve never really pictured yourself as a do-it-yourselfer?  Maybe you’re ready to put a hole in the peach walls or smash the forest green tiles of your outdated master bath though you’ve never picked up a hammer before in your life.  Here are a handful of tips and some easy and inexpensive Crown Point, Chesterton, and Valparaiso bathroom redos for the budget conscious first time do-it-yourselfer:

  1. Evaluate the project before you spend any money.  What can you realistically do yourself and what do you need help with?  Are there any structural items that need to be addressed?  Are you already looking at holes in the drywall, leaking plumbing, rot, or questionable wiring?  If so, and this is your first rodeo, it might be time to call in the pros.  Get estimates specifically for that work only.  You don’t need a contractor to buy your paint.  That’s when things start to get pricey.  Are you being realistic with your budget?  Is it going to cost more than you originally thought to complete all the changes on your bathroom redo wish list?  Are you okay with spending more if it becomes necessary?
  2. Replace low cost items that require no or easy installation.  We’re talking about the little things that combined can completely change the feel of a room like a new decorative toilet seat, candles, towels, wall hangings, soap dishes.  Anything that contributes to the new feel you’re after in the bathroom.
  3. Paint.  There, I said it.  Yes, paint.  The most affordable anyone-can-do-it remodel item on a room’s to do list is fresh paint.  Remember those drab peach walls that looked great thirty years ago?  A gallon of paint with a warm hue will work wonders.
  4. Self-adhesive tiles.  They’re cheap, they’re easy to apply, and they’re available in a large variety of sizes, colors, and styles.
  5. Be frugal.  Only replace what you have to.  You can often replace a sink without having to replace the entire vanity.  Shop for sale, one-off, close-out, bargain lighting, tiles, towel holders, sconces, etc. that can add that perfect affordable and unique accent.

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Contact Information

Photo of The Jana Caudill Team Real Estate
The Jana Caudill Team
Redkey Realty Leaders
503 East Summit St., Suite 2
Crown Point IN 46307
219-661-1256
Fax: 219-663-5949