The Offer is Just a Price, Right?

Published by julia | Filed under Buyer / Seller Tips, Miscellaneous, Real Estate, Shout Outs, Uncategorized

There are many people who want to learn the home buying process, but feel they are overwhelmed from just the start of the process. There are several simple steps to the home buying process. While these steps are general, they can give the home buyer a look into how the flow of the purchase will go. The help of a real estate agent is essential because of the intensity and intricacies of the process, but these steps will help you to gauge where you are in the overall home buying process.

Step 1 - The Offer

Once you have found a home you love, the first step is the offer process. You and the co buyer, if there is one, will take a look at the home listing price and the comparable homes in the area. If the home is priced higher than you believe it is worth, a lower price could be offered. Working with a real estate agent is key during the offer process because the home seller can come back with an offer of their own instead of accepting the offer presented by the buyer.

There is also the process of several buyers offering on the same home to consider during the offer process. If more than one buyer is placing an offer on a home, the bidding battle could throw the price of the home through the roof. This is not good for a home buyer that has been approved for a certain amount. Once the price is raised above that amount, you will have to drop out of the race.

An Offer is Just a Number, Right?

The home buying offer is more than just a price written on a contract. The offer will also include any contingencies the home buyer may have. For instance, the purchase of the home could be contingent on the home inspection. Other contingencies could include the replacement of appliances or carpet, or the painting of the interior of the home. Most offers will also include information about the closing costs and who is responsible for these costs.

Buying a home can be an interesting process and while it is important to have a real estate agent on the hip to guide the buyer through the process, that does not mean the home buyer should not be educated on what is happening when the home is bought.