Make an offer
Once you’ve found your dream home, you may want to move quickly. Your agent will guide you on a reasonable first offer to start negotiations based on market conditions. Also, make sure you consider closing costs which could account for 2-5% of the home price.
Prepare to go back and forth with the seller a few times on price and selling conditions. Your real estate agent will be your advocate here and try to get you, their client as much as possible for your money while being fair and respectful to the seller and their real estate agent.
An accepted offer
Pop the champagne! If you reach an agreement, you’ll make a deposit to an escrow account to show good-faith. Escrow is usually 30 days where the seller takes the house off the market with the contractual expectation that you’ll purchase the house - provided you don’t find any serious problems during the inspection.
Do a home inspection
Even if the home appears to be flawless, there’s no substitute for having a professional inspector review the property for quality, safety, and general condition of your potential home. You don’t want to be surprised with a home that needs a lot of unexpected repairs. If the inspection reveals undisclosed serious defects, you can negotiate further to have the seller make repairs or discount the selling price. You’ll also likely have the option to withdraw your offer and get your deposit money back.
When your negotiations with the seller are successful, and the inspection came back clean, you should be ready to close. At your closing, you’ll spend a little over an hour signing lots of paperwork and then will be handed the keys.