Step 7 to Buying a Home: 

Make an Offer

Have a burning question about Step 7? Email me.

Congratulations! You have found the one and you are ready to write an offer. It's exciting and nerve wracking all at the same time, but I've got you covered.

If you have followed the steps before this one, you are already pre-approved and ready to go.

Newly listed homes in this market can go very fast, so it's best to be ready and know when you have found "the one"
First, we will review the comparables, or "comps" as we call them.  We will review the list to sold price of homes and discuss and number you want to offer the seller. 

Depending on circumstances of the listing, you may or may not be in a multiple offer situation. I will guide you along the way as to how to go about your offer if this situation comes up.

If you have never seen a purchase agreement before, at this time, we will go over the entire purchase agreement. This is crucial to understanding the process and what to expect along the way.

Know your max offer price - This can be different than your initial offer. In multiple offer situations, you may be offering your max price with the first offer.

Closing Date - Typically if you are getting a loan, you can expect to close about 35-45days after the date of the initial offer. If you are paying cash, 21 days is more of an accurate time frame.

Deposit - A typical deposit is about 1% of the offer price. This check will be written out to the listing company or a title company. You need to know difference. Some times it will need to be certified funds or other times a personal check will do. It's important to submit the deposit as soon as possible once an offer is accepted to keep in line with your contract.

Down payment - This is something you should have already planned and budgeted for. You should have reviewed this with your lender and gotten your pre-approval letter based on your down payment amount.

Closing costs - You may or may not be asking the seller to pay for some or all of your closing costs. To learn more about closing costs, check out my blog Demystifying Closing Cost for the New Orleans Area Home Buyer
Home warranty - Are you asking the Seller to purchase a home warranty for you?

Inspection period - I like to ask for 15days in my inspection period. To learn all about inspections, check out my blog post All About Home Inspections

Contingencies - Any contingencies do I need to be aware of? Like do you need to sell in order to buy? If so, check out my blog post Buying and Selling at the Same Time in the New Orleans Area

To go back - check out Step 6 - Get out there and Look at Homes

Moving forward - Step 8 - Offer is Accepted



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