Home Buying Process
- My Commitment to You
- Pre-Approval
- Pre-Approve Yourself
- What Does My Monthly Payment Pay For?
- Types of Loans
- Preparing Yourself
- Earnest Money
- Down Payment
- Closing Costs
- Insurance
- Finding What You Want
- Finding What You Need
- Making an Offer
- Counteroffer
- Inspections
- Re-Negotiation
- Final Walk-Through
- Closing
- Change of Address
Making an Offer
Now that you have everything in order and have found a home that you are interested in, it is time to make an offer. Below are the main elements of an offer:
- Sales price
- Earnest money
- Desired Closing Date
- Time Period for Inspections
- Closing Costs & Who Pays them (Buyer/Seller)
- What Type of Financing is Being Pursued
- Repairs That the Seller Agrees to Pay
- Terms of Cancellation (i.e. inspection, financing falls through, etc...)
If you have a home that you will need to sell before purchasing another, you can make a contingent offer to purchase. This means that you and the seller can agree to all of the terms but the offer doesn't take effect until the sale of your property.
Although these are the main elements, if this is your first time to purchase or if you have not purchased a home in a long time expect to spend about 1 ½ - 2 hours to go through the offer process and paperwork.