Things Not to Do
Before Purchasing a Home
Do Not Buy a Car
Don't Move Money Around
Writing an Offer
to Purchase Real Estate
Your offer is the first step to negotiating a sales contract
with the seller. So take the time to consider the seller's
reaction to everything you include in the offer because it is
very important. Unfortunately, you can't just say, "This
is what I'll pay." Since you are dealing with a large
amount of money, both you and the seller will want to build in
protections and contingencies to protect your investment and
limit your risk.
in a Purchase Offer
Most purchase transactions are completed without difficulties.
However, keep in mind that problems can arise, and if they do
you can cancel the contract without penalty. These are
referred to as "contingencies" and you must be sure
to include them when you offer to buy a home.
When you have determined your offer price, the next step is to
consider how large a deposit you want to make with your offer.
The "earnest money deposit" should be large enough
to show the seller you are serious, but not so large you are
placing significant funds at risk.
An absolute necessity in your offer is to provide a closing
date. This way both you and the seller can make plans to move,
and the seller can make plans for buying his or her next home.
Most transactions do close on the right date, but do not be so
inflexible that a delay creates insurmountable problems.
Once the deeds have been recorded, the transaction is
considered "closed." This is when you take ownership
of the home. However, it is not always possible for you to
occupy it immediately. There can be several reasons for this,
but the most common is that the seller may be purchasing a
home, too. Usually, their purchase is scheduled to close
simultaneously with your purchase of their home, but
situations may arise.
As a result, it is customary to allow the seller up to a
maximum of three days to turn over actual possession and keys
to the home.