Buyer FAQ What A Buyer Needs To Know About Purchasing A Home Part 2

Buyer FAQ What A Buyer Needs To Know About Purchasing A Home Part 2

This post; Buyer FAQ What A Buyer Needs To Know About Purchasing A Home Part 2  follows up on the previous post Buyer FAQ What Is The First Thing A New Home Buyer Should Do? Part 1.  Now that you have your Pre-approval letter telling the seller that you are a serious buyer and approved by a lender to purchase their home it's time to select homes that meet or closely meet your needs.  Please remember that your Realtor will do everything possible to find you the perfect home, but know this, after all the house hunting for the home of your dreams, the home you finally decide to place an offer on will be the home with the least amount of "trade-offs".  There will be "trade offs"!

Search, Research, Offer

Based on your pre-approval amount, wants, must haves and time frame available to you your Realtor will select listings for you to visit and through the process of elimination will be left with the home you want to submit an offer on.  Once you've found the home, you need to know what a good offering price and terms will be and that's the job of your Realtor.  Comparable recently sold properties will be researched and the homes' condition, features and location will be weighed to determine a good offer, also taking into consideration any contingencies, terms and closing costs that will be written into the offer.  A catch phrase that I like to use is that "Everything is negotiable" and for the most part that is true, but buying and selling a home can be a very stressful and emotional time.  I bring this up because a low ball or demanding offer can cause a seller to balk, get insulted and end the negotiations.  Listen to your Realtor, they've been through this and will guide you to a successful offer acceptance.

Required Forms

In Alabama the typical forms needed to present an offer to purchase real estate to the seller are: The Financed or Cash Sales Contract, Inspection Addendum, Additional Addendum's if necessary, a pre-approval letter from the buyers lender and copy of the earnest money check. Other forms to be signed between the buyer and their agent are; The Broker Disclosure or RECAD, Buyers Agency Agreement, Estimated Closing Statement.  There will be additional forms required as the transaction progresses.

The Offer 

After researching the area sales and considering your terms, your Realtor will give you a price range that you can reasonably expect to receive an accepted offer and what the offer is will be your decision.  Will there be any contingencies such as a home sale, extended close date, appliance requests, financing, etc? These items will be written into the contract to purchase. You may also request a response time from the seller depending on your time constraints.  Your agent will hand deliver or email the offer and you will get copies of everything you sign.

What happens after you submit your offer will be covered in the next post What A Buyer Needs To Know About Purchasing A Home Part 3.

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