Real Estate Home Buying Process
Once you’ve found the right property for you and your family along with a competent and professional Real Estate Advisor to represent you, you’ll need to submit an offer. Your offer can be verbal, but most times it is required in writing. When in writing, the offer often requires a deposit to be held in escrow as good faith to support it. This deposit is fully refundable while contract contingencies are active.
During negotiations there can be counter offers by the seller and the buyer, but once an agreement is made, the contract will be binding to both parties. If the buyer defaults, the deposit can be lost; if the seller defaults, the buyer can take legal action.
Usually, there are contingencies in the contract that allow a buyer to withdraw from the transaction. The most common contingencies are inspection periods and financing periods. If the buyer can’t obtain financing within the allowed time, the contract is voidable and the deposit refundable to the buyer. Also, if the buyer conducts an inspection within the allowed time and finds defects that are not to his/her satisfaction, the buyer can either ask the seller to correct the defects, get a credit from the seller, or withdraw from the transaction and get his/her deposit back.
Once contingencies are cleared, the buyer can lose the escrow monies if he/she chooses to withdraw from the transaction.
Get a top-notch negotiator on your side and structure a killer offer that is great for you and acceptable to the seller. Don’t leave money on the table, and make sure you ask for the right contingencies to protect you throughout the transaction. For more information, complete the form below or call us at 407-910-2553 or 1800-383-8455. We are ready to help you with your real estate needs!