August 2012

There are 2 blog entries for August 2012.

There's more to a Vancouver home purchase offer than the stated price.

While the stated purchase price of a home in Vancouver is the starting point in an offer to purchase, other details of the offer determine the true costs to the buyer and the true proceeds to the seller. These details, along with the price, become points of negotiation.

The most obvious, common, and costly detail is the request for the seller to pay the buyer's closing costs. Depending upon the loan program, this could equal as much as 9% of the purchase price.

On a home valued at $300,000, paying buyer's closing costs would mean a $27,000 reduction in proceeds for the seller - and a $27,000 savings for the buyer.

Then there are the inspections and the repair allowances.

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