You’ve done it! You’ve found the house that you want to buy and make your home. The big question is what do you do now? Well obviously you have to buy the house, but how do you start? We’ve got the answers for you!
The first step is pre approval from the bank for a mortgage. This way you’ll know how much you can actually afford to spend. Once that’s out of the way, look at all of the houses little flaws. Check the plumbing and electrical system and all the fun stuff to make sure the house is in tip top shape.
Okay, so the house is perfect, or close to perfect, and you want to make an offer. You will need to work with your real estate agent with this as they will help you develop and present the offer to the seller. The offer you give might not be the asking price of the home and many homes do not sell for the asking price. The offer that you present will be your proposed purchase price, your specific time frame for wanting to move in, the down payment, and any conditions for the sell of the house that the seller will need to do. This includes repairs, replacements, and inspections. You will also pay a partial down payment deposit to show that you are serious about the house.
Once the offer has been made the seller will either accept it, reject it, or try to meet you somewhere in between your price and theirs. This is the negotiating step and your realtor will be the one communicating between you and the seller.
When the offer is accepted by the seller a contract is drawn up with the agreed upon price and terms. This contract is legally binding and make sure to have a professional look it over before signing anything. The next step would be to have a home inspection to see if there are any problems with your house. If there a major problems this can sometimes be re-negotiated into the price after signing the contract.
The last step is to have your home appraised and for your loan amount to be approved officially. After that the house is yours and the sale is final. Time to make that house your new home!