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Buying A Home . . . Step Five - Making An Offer & Closing on the Deal
After you have found the home for you, it is important to act quickly before another buyer grabs it out from under you. It does not matter if it is the first home you see or the 20th home, when you know you know. The Offer: Negotiating the offer is one of our most valuable services we offer as your buyer representative. Since oral promises are not legally binding in real estate, you must have a written offer. (We provide all the necessary contract offer forms and addenda.) The written offer not only specifies the price you want to give, but also all the terms and conditions of the purchase as well. Remember: Without a pre-qualification letter, many sellers will not accept your offer. What is a home warranty? In Texas we have Residential Service Contracts a.k.a. "Home Warranties", which usually cover your home's systems and appliances against breakdowns from normal wear and tear. We suggest requesting a one-year coverage policy for all our buyer clients unless asked not to do so. Usually the seller will agree to pay for this service. After one year it is up to you to continue with the coverage or not. The Closing: The last step in the real estate process is the closing, which includes both title and financial considerations. The closing day typically is 3 to 4 weeks from the date the Seller and Buyer agree to terms and signed a real estate sales contract. How much are closing costs? As your buyer representative, we will go over this with you upfront. The closings costs will include taxes, insurance, notary fees, loan fees, escrow fees, recording fees, & prorations. Your lender should also give you a written, good-faith estimate of all your closing costs. How long after closing on the home can we move in? This is negotiable. If the home is vacant, move-in is usually right away! If the seller is still living in the home, the seller may need a day or two to move out after closing. The possession date is negotiable.
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