Home Buying Process - Step 3
April 25, 2007
You have been "prequalified" or "preapproved" by your lender, you have found an agent to show you properties, and you have found a property that needs your needs and some of your wants. Now is when you will look to your agent for guidance.
It is often wise to ask your agent to provide you comparable sales for your selected property. This will aid you in your decision to write an offer. You will then have an idea as to what other buyers have paid for similar properties.,
After a discussion with your agent, the agent will guide you through the purchase agreement form. The agent will ask the price to offer, when you wish to close the sale, the amount of your down payment and the terms of your loan. Also, you will discuss with your agent the various contingencies that you wish to have and when those contingencies will be removed.
The agent will go over the more than 28 clauses in a California Purchase Agreement and will present your completed offer to purchase to the Seller. The Seller can accept it as written, counter some of the terms or reject it entirely. Your agent will continue to discuss with you as to how to proceed following your response from the Seller.
Always ask questions of your agent if you are not clear about any of the terms of the offer you are making.
You have been "prequalified" or "preapproved" by your lender, you have found an agent to show you properties, and you have found a property that needs your needs and some of your wants. Now is when you will look to your agent for guidance.
It is often wise to ask your agent to provide you comparable sales for your selected property. This will aid you in your decision to write an offer. You will then have an idea as to what other buyers have paid for similar properties.,
After a discussion with your agent, the agent will guide you through the purchase agreement form. The agent will ask the price to offer, when you wish to close the sale, the amount of your down payment and the terms of your loan. Also, you will discuss with your agent the various contingencies that you wish to have and when those contingencies will be removed.
The agent will go over the more than 28 clauses in a California Purchase Agreement and will present your completed offer to purchase to the Seller. The Seller can accept it as written, counter some of the terms or reject it entirely. Your agent will continue to discuss with you as to how to proceed following your response from the Seller.
Always ask questions of your agent if you are not clear about any of the terms of the offer you are making.
posted by shirley harry at 10:53 AM
1 Comments:
How do I know how much to offer? IS it a certain percentage less than a list price?
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