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What do you need to know about buying a house?

Process of Elimination: Whether you are searching without help or have delegated the task to your agent, you want to choose a house with the most of what you want and the least number of defects or imperfections.  You might like to avoid high dollar repairs. *See ‘Options’.  Once you’ve found the home you want to buy, here’s what happens:

There are 3 components of the Offer To Purchase:

a) Real Estate Contract & Applicable Addenda

b) Earnest Money Deposit (EMD)

c) Letter of Pre-Approval or Guaranteed Funds

If the Seller Rejects your Offer, you move on to a different property.  If the Seller Offers to Renegotiate, you determine what your best move is after contract analysis and review of current market conditions.

If the Seller Accepts your Offer, you move into the Inspection Period, and then,

1) Coordinate Inspections with your Realtor.

2) Submit Inspection Report & Resolution of Unacceptable Conditions prior to deadline.

3) Renegotiate as indicated. Once all parties come to agreement, get ready to Close.

Closing is when the transaction is legally completed.  The Buyer signs the final mortgage documents for the Lender, pays their Closing Costs, and signs the documents used to record the change in deed at the County Recorder’s Office. The Seller signs the documents to transfer ownership, pays their Closing Costs, and receives payment.  The Buyer’s Lender & the Title Company begin final processing after Final Agreement is reached. Allow a minimum of 7-30 days for final processing of a Cash purchase; longer for a purchase that is financed.

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Frequently Asked Real Estate Questions: FAQ’s

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