We are looking to buy our first home, and recently made a full-price offer on a ranch-style house. It's a bargain, but not an unfair price. We told the seller that we're preapproved for a loan and are eager to move in and start a family. But they rejected our offer! Can they legally do this? Why would they?
I've been looking for an affordable house, which is no easy task given my moderate income and slightly messed up credit record. I noticed an ad for a house that says "Seller financing available!" What does this mean, and can it help me?
We are buying a home in another state and selling our home in Seattle, and we notice that the standard form purchase contract doesn’t contain a “neighborhood review” contingency. When we bought our Seattle home, this contingency gave us three days to check out the surroundings and the crime rate and make sure these were acceptable to us before continuing with the purchase. Can we add this to our contract to buy our next home?
After you've made an offer to buy a house, the seller will accept your offer, make a counteroffer with one or more changes, or reject the offer outright. We'll describe here how this will all play out.
Once you've found a house you like, you must make a written offer to buy it. In some states, the offer is a very simple statement, after which the seller writes up a draft contract. In other states, your offer must be so complete that the seller could sign it and you'd have a contract right there.
Buying a house isn't like buying a television, where you can return it within 30 days if you don't like it. For this reason, it isn't wise to buy a house "as is," or "no questions asked." Instead, the standard home purchase contract lists several conditions that must be met before the closing will take place, covering issues like financing, inspections, insurance, and more. These conditions are "contingencies."
When the housing market is slow, referred to as a "buyers' market," there are typically more houses for sale than buyers to purchase them. Anxious sellers may reduce their prices and offer concessions to lure buyers in. But prospective homebuyers should still proceed cautiously. To get the best deal, evaluate whether it is a good time to buy, learn the ins and outs of the market, and consider the pros and cons of buying a foreclosed home.