Home Buying Process: Step 5

You have found the home of your dreams and now it is time to make the offer. Your Realtor will provide you analysis of the most recent home sales in the area as well ...

Home Buying Process: Step 5 Close

Home Buying Process: Step 5

Posted by Eddy Kicker on Sunday, March 18th, 2007 at 10:37am.

You have found the home of your dreams and now it is time to make the offer. Your Realtor will provide you analysis of the most recent home sales in the area as well as specific information about the home. This will include a copy of the Sellers Disclosure statement where the seller will explain any deficiencies in the home.

Once you have worked with your Realtor to determine the targeted purchase price, your Realtor will advise you on the best way to structure the offer so that you have the highest probability of getting the offer accepted. At the time the offer is submitted you will provide an earnest money check equal to roughly 1% of the purchase price to show the seller you are serious about purchasing the home. This money will be kept in a non-interest bearing account and will be credited towards your expenses at closing.  If you choose to terminate the contract for something other than specified in the contract you could be at risk for losing your earnest money and other legal considerations by the seller.

Once the contract has been accepted and signed by both parties you will be ready to take the next step in the home buying process.

Watch for Step 6 of the home buying process coming soon.

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