The general rule is, “If it has to be removed with a tool, it stays.” However, some items are specifically included in the contract. The drapes, window treatments, & any pool equipment automatically stay. The refrigerator & washer/dryer do not come with the house, unless written into the contract. The stove, dishwasher, & any attached microwave or vent hood will stay, along with all light fixtures. If you have a question about a specific item, please do not hesitate to ask!

To determine Fair Market Value, we will run a Comparative Market Analysis (CMA) on the property. This shows you what comparable properties in the same or similar condo associations have sold for recently, so tells you what the property is worth. After we have that information, we will determine what to offer based on the time the property has been on the market, if they’ve made recent price reductions, whether it’s vacant or occupied, & whether or not there are other offers on the property. 

Your lender will require that an appraisal is performed to verify that your purchase price is the Fair Market Value of the property. The appraisal is usually performed after we have had the property inspected, costs roughly $350, and is paid for at closing. The appraiser will use the same process we did when we ran a Comparative Market Analysis, so we very rarely have appraisal issues. If, however, the property does not appraise for value, you have the option to terminate the contract. In many instances, we will try to renegotiate the price of the property to the appraised value. Sometimes, we have issues with the appraiser’s conclusion and we contest the value in that case.

In general, there is more inventory to choose from in the spring & summer, but there is more competition. During the fall & winter, prices are generally lower, but there is less inventory to choose from.

There are no laws governing multiple offer situations, but there is an industry standard: Typically, the listing agent will notify all parties that there are multiple offers on the property and will ask for each buyer’s “highest & best offer” by a certain time & date. We will not know what others are offering and they won’t know what we’re offering. You will want to put together your highest offer price & we will tighten up the offer terms to make the offer as attractive as possible, without compromising your protections.

While it is not necessary to begin casually looking online, it is definitely a good idea to get pre-approved before you begin physically looking at properties. Read more about pre-approval here.

The searching process varies from buyer to buyer, but it takes 30-45 days to close on your property after you’ve gone under contract. Read more about the buying process here.

Most of your closing costs will be associated with your loan & pre-paid escrow charges (property taxes, insurance, & interest.) In general, closing costs are in the 1% to 2% range, but they do vary based on the type of loan you choose. This is one of the many reasons we recommend getting pre-approved early in the process. If you’re a cash buyer, closing costs are minimal- generally less than $1000.

It depends on the market. In the suburbs, where buyers value schools highly, school ratings are very important for resale. If you do care about schools, GreatSchools.org is an excellent resource.

Absolutely! Your home inspector will go through the property with a fine-tooth comb and tell you exactly what condition it is in. You will find out if there are any repairs that need to be made immediately & what repairs you can expect in the future. Your inspector will check all major & minor systems: Foundation, plumbing, electrical, roof, HVAC, water heater, appliances, windows, structural integrity, & more. While the price will vary based on the size of your home, the inspection is in the $350-$500 range (and is paid at the time of inspection.) After we have reviewed the inspection, we will typically ask for the seller to make reasonable repairs or for a repairs credit.

Sellers are not required to make any repairs, but reasonable sellers will agree to a reasonable repairs request or a credit for repairs. It is important to view repairs in context. If you are purchasing a newer home, you would expect it to be in near new condition. If you are purchasing a 50 year old home, you would expect it to be safe & functional, but not to be new.

It does not cost anything to make an offer on a property, but you need to be prepared to write a check for the earnest money and have enough to start a mortgage loan. The earnest money deposit is usually 1% of the purchase price. Depending on the loan program you choose, your lender will require between 5% to 10% of the purchase price at time of closing. Your loan officer will let you know exactly how much your downpayment will cost.

Unfortunately, the standard contract is pretty fuzzy on this topic. Generally, sellers will have the property “broom swept” at closing. If it is important to you that the property be professionally cleaned prior to closing, we can add that to special provisions of the offer.

In most transactions, a seller will credit you $500-$600 for a residential service contract (a home warranty.) A home warrant picks up what your homeowner’s insurance policy doesn’t cover. An insurance policy typically has a 1% deductible, so won’t cover small items like a stove, dishwasher, or air conditioner. A home warranty does cover these items, and typically with a deductible in the $50-$100 range. Home warranties are great to have, but they can be a hassle to deal with, should you call in a claim. They typically send a repair person out within 2 days (which can be a long time if your A/C goes out in the middle of August). Like any insurance or warranty company, they tend to try and cover as little as possible. That said, many homeowners have had positive experiences using home warranty companies when an appliance fails. In the Madison area the most commonly used Home Warranty companies are UHP (uhpwarranty.com) and HSA (onlinehsa.com).

A Buyer’s Agency Agreement is a written contract between you and an agent who’s services you will use to purchase a property for a certain period of time. Some agents require their buyer clients to sign an agreement, but we do not require this. All agents in a transaction are representing either the seller or the buyer. By default, an agent represents the seller unless stated otherwise using a Buyer’s Agency Agreement. Since we pride ourselves on our no pressure approach, we don’t require buyers to sign a Buyer’s Agency Agreement. However, The Condo Shoppe wants to be fully on your side. If you would like to sign an agreement with us, we’re happy to prepare and sign the agreement.