Shopping for a house is exciting, especially when you find the right one and write up a purchase offer to buy the house. If this is your first time buying a house, you probably do not know what to expect after writing an offer, yet you probably wander what to expect. Here are several things you should expect after you submit your offer:
The Seller Has 3 Options
After receiving your offer, the seller has three main options: accept the offer, counter it, or reject it. As the buyer, the best option for you is if the seller accepts your offer; however, this is not always the case. Sellers will typically accept offers if they are really good, but they may reject offers that are really bad.
Countering an offer is the most likely option the seller may choose. With a counteroffer, the seller is saying that your offer is good, but there are a few things he or she would like to change with your offer. For example, if you offered $150,000 for the house, the seller might agree to your offer if you agree to pay $152,000. There are other parts of a purchase offer sellers may also counter.
The Inspections Occur
Once you and the seller agree on a purchase price and terms, the deal will continue moving forward, and one of the first steps will be completing inspections. This can take time, especially if there are a lot of inspections needed. You may need to get a home inspection, septic inspection, and termite inspection, but there might be others too. At this time, the bank will also require an appraisal of the house, and a survey might also be needed.
The Lender Must Work On The Loan
During this time, your lender will also have a lot of work to do to finalize the loan you will get to buy the house. Title work, for example, is one of the steps needed. Title work is done to transfer the title of the house from the seller's name to your name.
When all of this is complete, you will have to attend a meeting called the closing date. At this meeting, you will need to sign all the paperwork for the loan and transfer of ownership rights of the house.
Buying a house involves a lot of steps and takes time. To start finding the right house to buy, contact a real estate agent today.Share