BUYING A HOME IN 12 STEPS
• Do the mechanical systems and appliances work?
• Will your furniture fit in the space?
• Does anything need to be repaired or replaced?
• Will the seller repair or replace the items?
• Will the neighborhood and community work for you?
5. PUTTING IN AN OFFER
Once you’ ve found the ideal home, it is time to put in an offer. All real estate offers must be in writing. The current purchase and sale agreement Realtors use in the state of Idaho is an multi-page contract, along with the Agency Disclosure brochure, that covers the overview process of the sale. The first step is to determine the price and terms you want to offer. You will need to put down earnest money at this time, the amount of which can vary depending on the agreement. Earnest money will be placed in a trust account with either the selling or listing broker, and then credited to you at closing. Your offer will be contingent upon several factors, such as securing acceptable financing, a satisfactory home inspection should you choose to have one, clear title to the property, and an appraisal that is at least equal to the purchase price.
6. SELLER RESPONDS TO YOUR OFFER
The Seller can do one of three things to your offer:
• Accept it as is
• Reject it
• Respond with a counter offer
Then you have the same three options. Price is only one of the many terms that may be negotiated. Closing date, repairs, change of possession date, or items included in the sale are contested by buyers and sellers.
7. WHEN YOUR OFFER HAS BEEN ACCEPTED
Now is the time to open escrow with the closing agency, usually the title company. The escrow officer is in charge of the closing, and is defined as a neutral third party. This person will be responsible for the recording of the deed and deed of trust, following all closing instructions agreed upon in the Purchase and Sale Agreement, and disbursement of funds. Escrow takes approximately 45 days, but can be as short as a few days with a cash offer or as long as a few months, depending on the needs of the buyer and seller.
6 | THE BUYER’ S EDGE | A GUIDE TO PURCHASING A HOME