Home Buying Process: Part 2
What to Expect, When You’re Buying
After the Offer
Step 7: Offer Rejected, Countered or Accepted
The offer could be rejected. This is likely to occur if you’ve had a very low offer. Sometimes these types of offers insult the seller or they just decide that it’s not worth countering.
The offer could be countered with a new offer. It’s important to know that once another offer comes back, the first offer no longer exists. Here you have the option of rejecting, countering, or accepting the offer. Note that if you counter, the sellers offer no longer exists. This can go back and forth until one party rejects or accepts. Sometimes it is a few days before you hear a response. While you’re waiting to hear, try to relax!
The offer could be accepted and then you move onto the next step.
Step 8: Homeowners or Condominium Association?
If the home is in a homeowners or condominium association then would get a copy of the rules and regulations (or by-laws) and have an opportunity to review.
Step 9: Inspection
In some cases home inspections are required, while in others they are not. It is highly recommend that you have a home, termite and mold inspection. Termite and mold inspection are not normally part of the home inspection.
Step 10: Got the inspection results, now what?
After getting the inspection, results you will want to review them to see if there are any issues that need to be rectified. If there are only minor issues, you may wish to remedy those yourself. You can ask the seller to remedy any issues. If the seller agrees to remedy the issues using licensed contractors, then the sale can move forward and you would have another inspection after the issues are taken care of to confirm they have been fully rectified. If the seller does not agree to take care of the repairs, at this point you would need to make a decision on how much you want the home and if you’re willing to handle the repairs on your own. If the inspection was required in order to get the loan, the lender may require certain items to be taken care of prior to closing. If the inspection is not satisfactory to you, at this point you may no longer want to purchase the home. If this is the case, you would have needed to have an inspection contingency in the contract in order to get your earnest money deposit back.
Step 11: Closing Disclosure and Loan Estimate
At least 3 days prior to closing you will get these two documents. You will want to carefully review these. If anything needs to be changed, the three days starts over.
Step 12: Closing
At closing you will sign all of the documents in order to own the home and get your keys.
**Note: This does not include every possible thing that could come up through the process. This is just an overview of the buying process. There are additional steps that go on behind the scenes with your loan, deed and other processes.
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