Depending on the type of house, you should get a home or property brochure, articles of association, PTS, landlord certificate, energy certificate if there are more than 6 flats and the final financial statements of the housing company. You can also ask for these documents before the presentation, so you can think ahead with any questions you may have to the broker. With the Rochester MN homes for sale this is important now.

The profit and loss statement and balance sheet of the financial statements tell a lot about the financial situation of a housing association. One of the hallmarks of a well-maintained housing association is that at the end of the financial year there is a surplus of approximately 2-3 months’ care allowance, which is carried forward to the following year. For more tips on interpreting financial statements, see an article written by an analyst.

Before the bid

Before making a bid, it’s a good idea to consider a few factors that influence the purchase and use of your home and consider how much you are willing to pay. You can check the prices of previously sold homes in the same area through the Home Price Information service.

It is advisable to check the Housing Company’s Articles of Association for a redemption clause, based on which the company’s shareholders have the right to redeem the shares sold at the purchase price. This means that you may not be able to get an apartment even if you have already made a deal with the seller. For example, if you purchase a home despite the clause, it is best to start the renovation only after the redemption period usually two to four weeks have passed.

With regard to repairs, the housing company must also take into account that changes to the apartment must comply with the intended purpose of the articles of association. In addition, the housing association must be notified in writing in advance of any renovation that may affect the structure of the house or adjacent dwellings.

If you are buying an apartment from a private seller instead of an intermediary, keep in mind that you may not be able to seek the assistance of a consumer authority in the event of any problems as the consumer ombudsman does not deal with private individuals.

Buying a home: bid and deed

Once the dream home is found and the loan promise is there, you can bid on the home. Once the seller accepts your offer, the deal will go to the buyer’s bank.

Making a Tender Offer

The bidding process begins with determining the price of your home. If the asking price for an apartment is reasonable and there is a lot of demand for the apartment, the seller may not be willing to compromise on the asking price. Occasionally, homes can even be so popular that bids rise above the asking price.

On the other hand, if the apartment does not have much demand, for example, due to its location, an initial bid may be made at 5-10% below the asking price. When considering a bid, you should ask your home broker how many others have been interested in the home.

The Tender Offer is always binding and should be made in writing. The offer must indicate all material terms and conditions of the sale and the period of validity within which the seller must decide to accept the offer. Typically, a purchase offer is only valid for a couple of days.