Find a Home
Finding a home is generally the most challenging, but with the right realtor, this can be a breeze! You will write an offer to purchase and may go back and forth with negotiations. Once you have agreed on terms, you will place a deposit on the contract, also known as Earnest Money. Earnest money will be held in escrow with the title company and will go towards your final cash to close at the time of settlement. Additionally, you will be asked to provide an Option Check. Both of these items are gestures of good faith to the seller that you are approved for home financing, and that you are serious about purchasing the home. The option money allows you a certain time frame (generally 7-10 days) to complete your due dilligence with home inspections and allows you rescind the contract for any reason. Once your inspections are complete, you can negotiate further for any repairs needed, and an amendment to the contract may be necessary.