I want to buy a home...now what? You've been prequalified, you have sat down and made your list of wants/needs and dreams and toured the homes. After searching, whether it was the first home you found or the 20th home you found it. You found the home that you really really want.
Decision: I have had people in the past who want to "think about it" people who want to "pray about it" people who want to bring other family members through the home first before deciding to write an offer on the home. I completely understand, buying a home is one of if not the biggest financial decision you will ever make. BUT I caution everyone who wants to wait, for whatever the reason maybe, that while you are "figuring it out" someone else might have already figured it out and be submitting an offer. One of my favorite questions to ask my buyers is this
If you were to lose out on this house to someone else, would you regret not making an offer and going for it?
Normally, once I ask this question people know whether they want to move forward or not.
Moving forward: Writing the offer. Please consult with your Realtor. Everyone has a different process and the process may change based on the market and whether its a seller or buyers market. Some of the items you may want to consider:
Pricing? What are you wanting to offer on the home? Do recent solds support the asking price? What is the condition of the home? What type of loan are you financing, does the home qualify? What are the concessions you need from the seller? Do you have a home you have to sell first before purchasing this home? Your offer needs to be strong with information to backup the offer for the listing agent to present to the sellers. (In my opinion, everyone runs their business differently)
Deadlines: What type of time frame do you need or want? How long does your lender need to complete the financing portion of the contract? Are appraisers running behind? Are you getting a rural loan? or a Grant? Are you receiving gift money? A lot of these items may alter the time line you want and need when putting the offer together.
Once the offer is presented the sellers will have the option to accept, deny, counter, notify you of multiple offers, ask for highest and best or place the home on active -time/clause (again, please discuss all possible situations with your agent)
Once agreed upon you will begin your due diligence periods. Every state is different.
In Utah our contract deadlines include: Sellers disclosures, home inspections, financing and appraisal. I will cover these items in more detail in part 4.
As always, if you have a question or need/want help with your real estate purchase/sale in Utah... Please call/text/email me
Have a great day!