Housing Quick Answers
What are the first steps in purchasing a home?
You make an offer on a house by submitting a purchase and sale agreement to your real estate sales professional, who is required by law to give it to the seller. The elements that potential home buyers should consider in preparing their offer include the market value of the home, any special circumstances surrounding the sale of the home, how much they can afford to pay, and the condition of the home. Make sure that your offer price reflects any needed repairs to the house and any special contingencies. Your real estate sales professional should work with you to include those items in the offer. The seller may accept, reject, or make a counteroffer. If your offer is accepted, you're on your way to getting a home.
Dr. Ronn Phillips, Arch.D., Bobbi Hauptmann, Architectural Studies, College of Human Environmental Sciences, University of Missouri-Columbia
Last update: Monday, May 18, 2009