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Placing a bid on buying a new home?
We have been looking for a new home and just recently found a home that we were interested in. I was wondering what all is involved in placing a bid on a home. For example paper work? What all is needed in this process any information would be very helpful. It would be our first time tobuy a home. Thanks guys.
Public Comments
- Highly recommend getting a Realtor - it's no cost to you and they guide you through all the steps of a purchase or sale. If you have been pre-approved by a bank that is important also. The seller or the seller's Realtor will have contracts on hand and you simply submit it with your bid. There is a 3-day right to refusal clause in all real estate transactions and the owner has the right to ask for credit approval before accepting your bid. If the bid is accepted, then "earnest money" is given (from you to the seller's agent" to be put in escrow and applied toward closing costs. You can also go this website (it's For Sale By Owners) and it has many good tools for both buyers and sellers. http://www.forsalebyowner.com Best of Luck!
- You should have a real estate agent to assist you with this. They can be sure you have a pre- mortgage approval to go along with the offer form. They will help you with the inspections and negotiating anything that is in your best interest. Also it does not cost the buyer any money to have an agent in their corner working for them, as it is the seller who pays the fee to the agents involved in the transaction.
