Here are 6 questions and answers about looking for your first home to buy.
What should I do when I see a house online that I like?
Call the agent you are working with to find your home. It’s best that you work with one real estate agent throughout your search because that person learns what you like and dislike and will invest a lot of time vetting properties for you. That person also represents your best interests only. When you call the agent advertising the home, you are dealing with the seller’s agent, so, while they can assist you, they are also trying to get the best price for the seller.
Can you show me a house if it’s not your listing?
Yes, I can show you any house listed in our MLS system. As mentioned above, working with me as your agent ensures that your interests are protected.
How do we write an offer?
When you find the property you want to make an offer on, I will run a Comparative Market Analysis (CMA) to help you determine a fair offer amount. I will also guide you through the additional terms of the contract, such as the escrow amount, closing date, and any additional terms you want to be added to the offer. I will write the offer on a contract form and submit it to the seller’s agent.
What if I want to back out of a contract?
You always have the right to back out of the purchase, but you may lose your escrow deposit. If the contract is contingent on a property inspection, you usually have the right to cancel for any reason during the inspection period. Once the inspection period has passed, you cannot back out and keep your deposit unless the seller agrees, or an additional term has not been met.
That said, the ability to back out of a contract will depend on the details of the offer and the specifics of the contract. We will discuss these details before submitting an offer.
What happens if there are other offers on the house I love?
If a seller receives multiple offers on their home, usually their agent will inform the buyer’s agent that multiple offers have been received and the buyers have another opportunity to alter their original offer to present their “highest and best” offer.
Keep in mind that many factors may influence the seller in addition to the offer price, such as the down payment amount, closing date, and inspection terms.
What happens when my offer gets accepted?
Once both parties have agreed on all terms and signed the contract, your escrow deposit must be made and you should schedule the home inspection. Your lender will receive a copy of the contract and will begin processing your mortgage application.
Your agent will further discuss the full process with you at that time.