Finally, the moment you’ve been waiting for… house shopping! But how does this all work?
Q: What should I do when I see a house online that I like?
Call your buyer’s agent, 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 represent the seller. Reach out to me if you need an agent in your area.
Q: Can you show me a house if it’s not your listing?
A: Absolutely. As a buyer’s agent, I can show you any house listed in our MLS system, and I will contact FSBO sellers on your behalf. As mentioned above, working with me as your buyer’s agent ensures that your interests are protected.
Q: How do we write an offer?
A: When you find the property you want to make an offer on, I will guide you through the negotiable terms of the contract, such as the sales price, earnest money amount, closing date, and any additional stipulations you’d want to be added to the offer. We go through each section in detail, and I will write the offer on a contract form and submit it to the seller’s agent.
Q: What if I want to back out of a contract?
A: You can back out of the contract, but you risk losing your earnest money deposit. During the due diligence period, the buyer is able to terminate the contract for any reason (this is the time frame during which you’d want to get your inspection). Outside of the due diligence period, you may only legally terminate the contract if the property doesn’t appraise, if you’re within an appraisal contingency, or you don’t qualify for financing if you’re in a financing contingency.
Q: What happens if there are other offers on the house I love?
A: It is common in this market to have multiple offers (sometimes dozens) on one home. If there are multiple offers, you would want to offer your “highest and best” offer in order to win the bid, within reason. Keep in mind that many factors may influence the sellers decision to select a particular offer, such as sales price, contingencies, closing date, down payment amount, type of financing, etc.
Q: What happens when my offer gets accepted?
A: Once both parties have agreed on all terms and signed the contract, your earnest money deposit must be submitted to the holder. We’ll immediately notify the lender and the attorney, then we’ll schedule your inspection.
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*Note: this article can also be found on Jazmyne’s Revival at Home website.