#5 The Contract
So you looked and you found the home! Yeah! Time to make an offer. Your REALTOR® should provide you a market analysis of the area to help you establish a price to offer. There is negotiating involved in the purchase of a home but a “low ball” offer can be very hurtful to your negotiations so be thoughtful in the market conditions and the price you believe this home is worth to you. Some homes are simply grossly over priced and can not be negotiated. This is your home purchase however I recommend that you are discussing all the nuances with your REALTOR® who can help guide you.
Once you have an accepted contract the time lines start clicking, your REALTOR® will be keeping you on task and you must be prepared to act on all of these time lines. You are now in a binding contract and cannot simply decide you “changed your mind”. Your lender will probably ask for more documents during this time to complete the loan it is important to provide any any all documents requested as quickly as possible.
See more in our Buying a home series
How to buy a home
How to buy a home – The Loan
How to buy a home -The Inspection
How to buy a home -The Closing