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10
steps to buying a home |
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Sell with
Us
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Just click
on one of the links below to go through that step in the buying process. |
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Step
5 - Making an Offer |
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Now
that you and your real estate agent have found the home you would like to
purchase, it's time to make an offer. Taking into account the recent sales
of homes in that neighborhood which are similar in size, quality, conveniences,
and amenities, what are you willing to pay for the home? Your real estate
agent will consult with you and advise you on how to create an offer that
will have the best chance of being accepted.
Your agent will ensure that you have everything down in written form...
no verbal agreements. After consulting with your agent to put your offer
in a written contract that meets all the legal requirements according to
local and national guidelines, your agent will present the seller with a
written document detailing what needs to be done by both parties to execute
the transaction. The contract should protect the best interests of all parties
involved and should be comprehensive in nature. Your agent will also ensure
your financial position as the buyer by including any necessary contingencies,
which would protect you if a particular requirement were not met. Once the
seller accepts it, it may be too late to make any changes. The
contract, though not limited to this list, should include the following:
· A legal description of the property
· The offering price
· The down payment
· Financing arrangements
· A list of fees and who will pay them
· Amount of the deposit
· Inspection rights and possible repair allowances
· The method of conveying the title and who will handle the closing
· A list of appliances and furnishings which will stay with the
home
· The settlement date
· Any relevant contingencies
Remember that the legalities of this phase are very important. If you
have any questions or concerns, they need to be addressed right away.
After all, no one has ever said at their closing, "I wish I had asked
fewer questions."
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