Now that you have found your dream home, and you are ready to make a purchase offer, your Realtor can walk you through the process of completing the purchase contract. Your Realtor will complete the contract with your information including the total amount you wish to offer on your dream home, your down payment, etc. Then you can meet in person to go over contract and sign or you can even digitally sign the documents received by email. My suggestion is going over what a contract looks like when you start the process at the beginning so that by the time you make your first offer, you will have a better understanding of the lingo.
Depending on the type of market you are buying in, whether it be a seller’s market, a buyer’s market and how many people are competing for the same home, will help you determine your purchase price. If you are competing with other offers, be prepared that you may have to find several homes you like over the course of time before you get an accepted offer. In a competitive market, it is not uncommon to make 3-5 offers before you get your first accepted offer. Do not get discouraged. It does take time sometimes and is very normal.
Your Realtor can help you determine your best purchase price range by showing comparables of the home you are interested in making an offer on. You want to make sure you have your prequalification letter as well as proof of funds for your down payment in hand to give to your Realtor along with the purchase offer as that helps make the strongest offer possible and the listing agent will confirm that information before they present the whole package to the seller. After all, getting an accepted offer is the ultimate goal.
I hope this three part series has been helpful to you on buying your first home. Please let me know if you have any comments or suggestions. Next time, we will talk about the accepted offer and the process to close on your new home.
**Please Note: I am a licensed Realtor in San Luis Obispo County, California with Century 21 Hometown Realty. CaDRE License # 01972834. This blog is not intended to solicit anyone who is currently working with a real estate professional. This blog represents my experience, but may not apply to all homes or locations, please check with a real estate professional who is familiar with your specific market before implementing.**