You and your real estate licensee will “write an offer” or a “contract” to purchase the house. The contract will outline the terms of your offer (price, financing, closing date, etc). Your licensee should spend at least an hour going over the contract with you. You will need to write an earnest money check to present with the offer. And yes, it will be cashed.
Your real estate licensee will immediately present your offer to the seller’s licensee. Typically, the seller has 24-48 hours to review the offer and respond. During this period, you may rescind your offer at any time. Be aware that there is no first-come-first-served law – the seller can entertain other offers that come in after yours, prior to acceptance of yours.
Then…you wait…it’s harder than you think!
By the deadline, the seller will do one of four things:
Accept your offer as written (yahoo!)
“Counter” your offer with changes (to price, terms, dates, etc)
Reject your offer
Ignore your offer (yes, this is rude)
Your real estate licensee will advise you on a plan of action in each of the above scenarios.
Let’s assume your offer was accepted (you are now “Under Contract” or “in Escrow”). The next two weeks will be busy, so be prepared to be distracted. You will need to have some flexibility in your schedule for the inspection and a meeting with your lender.
If you’re ready to become a first time home buyer in Anchorage, AK then please look here to find all homes available today!!
Next in the “Are You a First Time Home Buyer in Anchorage AK” series…
Step Five…The Inspection
Please bear in mind this is a condensed, simplified explanation of the process. For a more in-depth explanation of what happens throughout the process, please give me a call to arrange a consultation or request a copy of my “Home Buying Guide”.
As with anything you find on my blog or website, feel free to contact me at anytime with questions or for clarification. My cell phone number is 907-529-5275 and my email address is firstname.lastname@example.org. I look forward to hearing from you soon!