|
The Real Estate
Buying Process
by Tom Atkins
You’ve
found the house or property that you wish to make an offer on…now what?
1.
You're realtor will assist you in submitting an “Offer to Purchase” which
is a legal contract which states among other things 1) the amount that you
wish to offer, 2) any conditions which you wish to make part of your
offer, 3) whether or not you are in need of securing a loan for your
purchase, and 4) various dates such as inspections and closing date. It
also contains a monetary commitment called “earnest money” which is an
arbitrary amount submitted by you which shows the buyer that you are
sincere about the purchase. This money is part of your offer and is held
in the Trust Account of the seller’s agent until closing or until the
offer is withdrawn for various reasons. The money may be forfeited for
unreasonable termination of the contract by you.
2.
You will need to select an attorney to handle the closing for you. Again
your realtor will be able to help you find one if necessary. The realtor
will lead you through all of the necessary steps of the purchase to take
you to closing.
3.
Once the seller accepts your offer (there may be some “counter-offering”
before a selling price is agreed upon), you are now ready to move
forward. If you are in need of a loan to finance your purchase, you now
meet with the lending institution of your choice. They will qualify you
based upon 1) your income, 2) your monthly obligations, 3) your credit.
They will then issue a “loan commitment letter” which is a necessary part
of the purchase process. Once this has been issued, both you and the
seller are comfortable with moving forward.
4.
At this point it will be necessary to 1) have the residential property
inspected by a home inspector, 2) have the residential property inspected
by a pest inspector, 3) have a survey performed if desired or required by
a lending institution, 4) have an appraisal performed if desired or
required by a lending institution.
5.
If all of the previous step goes well, you are ready to close on the date
that you set in the “offer”. If there is a problem, such as a building or
pest problem, then you have a right to pursue a remedy for the problem or
withdraw from the purchase.
6.
Congratulations. You’ve just completed the necessary steps to purchase
the property of your choice. It has been my pleasure to assist you.
Your
realtor's job is to guide you through the purchase process from start to
finish.
About the
Author:
Tom Atkins was
the top producer in the Washington - Beaufort County, N.C. MLS with nearly
$17 Million in sales and listings. He is currently the President of The
Washington/Beaufort County Board of Realtors and serves coastal eastern
North Carolina. Tom's website is:
http://www.coastalcarolinawaterfront.com/
HOME >
SHELTER >
REAL ESTATE
|
