Not surprisingly, the process of purchasing a home involves many steps. Here is a brief overview.
You will need an earnest money check to accompany the Offer to Purchase. This may be in the form of a personal check, or in some cases a certified check. A minimum of 1% of the sales price is deemed adequate in most cases. When your written Offer to Purchase is presented to the seller, they have three choices:
- 1. They can accept your offer
- 2. They can reject your offer
- 3. They can make a counteroffer.
Negotiations after the initial written offer are negotiated until an agreement is reached. When the seller accepts your offer, or you accept their counteroffer in writing, you have a binding contract for sale on that property. Your earnest money will be deposited in a trust account to be held until closing.