The Steps Involved in Buying a New Home

A Home Buying Article Contributed by Marcie Holley

So You've Decided to Buy a Home? What Do You Need to Do?

You can look in the Classified Ads, of you can look for For Sale By Owner signs, or you can go to find a Realtor to buy your home.

What are You Looking for When You Buy a Home?

That depends upon exactly what you need at the time.

Why Choose a Realtor to Buy a Home?

Simply put, a Realtor knows the in's and out's of the Real Estate Market. They know what you need to look for when someone comes to them to buy a home. They know how to evaluate the potential of any property you are looking at when you are buying a home.

After You've Chosen a Home.... What Now?

Now you would write up a Contract of Sale to tell the Seller that you are making an offer to buy their home. Your Realtor will then present the Contract to the Seller's Realtor. Who then presents this to their client.

The Sellers look over the Contract with their Realtor and either Accept the Offer and Sign the Contract or they may Reject the Offer.

What Happens If the Sellers Reject My Offer?

Well, in most cases, they would either Counter Offer or they will turn it down completely. That is that they will tell their Realtor that their Counter Offer will be higher than than what the Buyers offered. Sometimes it can be as much as Two Thousand, $5, 000 or even $10, 000.

What Then?

Then the Seller's Realtor calls your Realtor and tells them of the Counter Offer. You Realtor then calls you and tells you that the Seller has Counter Offered.

The Next Step?

It's up to you to decide whether you will Accept the Counter Offer or make another Counter Offer of your own.

What's Next?

After the Offer's been Accepted by both buyer and seller, then the Contract is taken to the Attorneys for both the buyer and the seller.

The Attorneys look over the Contracts and either Approve or Reject them.

The Next Step?

After everyone has Accepted the Contract, then a Home Inspection would be scheduled.

What Does a Home Inspection Do?

A Home Inspection is done to make sure that the home you are buying is sound. That means that The Roof is Safe and in good Condition, that the Foundation is Sound and that the home will not fall apart while you are living there. Once this is done and Satisfactory, then you can move on.

What Happens Next?

After the home you are buying passes the Home Inspection, then you need to apply for a Mortgage. Most Buyers have already applied for their Mortgage and have a clause in the Contract that the Sale in contingent upon the home passing the Home Inspection. Some do not do that.

What's Next Then?

Next is the Settlement on the Property. Another term for this is The Closing.