Found a house we LOVE..next steps?

So we went to that house in Massapequa last night and LOVE it! We want to make an offer. We are going to get preapproved this week, and then what happens? What is the process like? I'm 90% sure we will qualify for this house, so as long as that goes well, then I have my real estate agent make the offer and then what? Is it just a waiting game?

We both loved this place!!! Sigh

Re: Found a house we LOVE..next steps?

Good Luck!

Re: Found a house we LOVE..next steps?

Congratulations on finding a house you love!

Once the seller accepts your offer, you should try to go to contract asap, because the seller isn't locked in until they sign the contract. Usually, you as the buyer will arrange to have a home inspection done asap. Once the inspection is done, the contracts are prepared by the lawyers, and you will sign first, then the sellers. After contracts are signed, you work on getting your mortgage (the bank will want to do an appraisal, but you don't need to be there for that), and then, assuming everything goes well with the bank, a closing date is set. Right before the closing, you will do a final walk through with your agent to make sure that everything in the house is as it should be (as represented on the listing, in good working order, etc.). That's it!

So I always advise my customers to have a home inspector selected, a lawyer, etc., that way we can get things going right away once the offer is accepted.

Good luck!

Re: Found a house we LOVE..next steps?

Thank you!

So to make the offer, all I need is the paper showing I'm pre-approved? (Sorry, I am clueless to this whole process).

When do I actually pay the down payment? Once the contracts are signed? But if by some chance, my mortgage doesn't go through, we can't close, so does that mean I dont actually pay them until closing?

TIA

Re: Found a house we LOVE..next steps?

Yes, to make an offer, you will have to sign a sales agreement (the offer has to be in writing, otherwise it's worthless!), which is a standard form realtors use. And your agent should let the sellers know you are preapproved and send over the preapproval.

The way I do it, when I have a buyer making an offer, is I try to present my offer to the sellers directly, rather than go through the other agent. That's usually done on the phone, via conference call, and then I email or fax over the sales agreement and the preapproval letter once we come to agreement.

As far as down payment, it depends on the situation. Most attorneys have you put down something at the signing of the contract and the remainder at closing. So if you are putting down 20%, you may put down 10% on signing the contract and 10% at closing. Usually the portion of the down payment put down at contract is held in escrow, because yes, the contract is usually contingent on the buyer getting financing. But your attorney can advise you on all of this.

Hope this helps!

Re: Found a house we LOVE..next steps?

So glad you loved it! Good luck!! It's such an exciting process!!!

Re: Found a house we LOVE..next steps?

congrats!!!

Re: Found a house we LOVE..next steps?

If you really loved the house you might want to get the preapproval today and submit your offer. The longer you wait the more chance that someone else will come in before you! Good luck!

Re: Found a house we LOVE..next steps?

Start researching lawyers and inspectors ASAP. If they accept your bid you should get the inspector in within days so they know you are serious and will be signing a contract asap!!
If you need a recommendation for a great inpsector FM me!~

Re: Found a house we LOVE..next steps?