It has been said that buying a home is one of the most stressful experiences in your life. We can personally attest to that, having purchased nine homes of our own during our life together. Even if you’ve done this before, it can be a daunting experience. We’ve also sold almost 400 homes, so we have helped many people through the process. But we can use our experience to help make your home buying experience as smooth and worry free as possible.
The first step in the process is finding a new home to purchase. That is a process in itself, but not one we will be discussing today.
Once you have found the perfect home, it’s time to write a contract. Your Realtor will prepare a contract on a standard form for you to sign. This standard contract will include the pertinent information about the transaction. This includes the purchase price, deposit amounts and the time frame for the deposits to be given. If a mortgage will be taken out, it will include the mortgage amount, payment schedule and the date the mortgage commitment is due. It will detail what is included in the sale, such as appliances, any included window treatments or other personal property. Also detailed will be what is not included in the purchase price. Time frames for inspections are also included. The closing date is to be specified.
Once the contract has been prepared, your agent will explain all that is in the contract to you. If you don’t understand anything, don’t be afraid to ask questions. You will then sign the contract. Your Realtor will then forward the contract to the seller’s Realtor, who will present it to the seller. After some negotiation, hopefully you will come to an agreement with the seller and you have completed the next step towards purchasing your home.
Next we will continue the process in chapter two – Understanding Attorney Review.