You are a buyer and found the ONE, now what

Happiness Heart

You can hardly believe it. Truth be told, it is not exactly what you thought it would be and then again “upon further review”, it is exactly what you hoped to find.

Sure, you started out with some general ideas. Maybe, things started coming into focus when you traveled around the area. At first, those “For Sale” signs were just multi-colored blurs on the periphery. The subliminal message was taking root in that tiny corner of your mind where dreams are born. Life changes doesn’t it. One day the apartment you’re in is sufficient, the banner flying high declaring your independence. It is the place where you learn the lessons of housekeeping, privacy and style.

No one can really pinpoint that moment when the walls began closing in. Maybe it was the morning you stubbed your toe, navigating through the apparently diminishing space between the bed and your dresser. It could have been that night you had friends over and the once spacious living room felt like phone booth. Then again, it could have been that moment, sharing a drink with someone special and suddenly two addresses just didn’t make sense anymore.

Today, you have been through the gauntlet and have found the place.  After what must feel like an impossible journey, you know where you want to call home. Your home. You have told your agent, this is IT!

Now what?

I can’t speak for every agent. I can only share a broad overview of the next steps taken if I were your agent. (note:that statement is tweetable)

While you have been visiting homes and tweaking your list (moving “must haves” to “like to haves” and adding new “must haves” to cover things you had not considered), your agent has been quietly keeping track of the market that includes for sale, sold, off the market, etc. Behind the scenes, data has been sorted, dissected and reviewed. Now that you are ready to move forward with an offer, the pieces will come together. While you share the good news with family and friends, the framework of the next step is being put together by your agent.

The first conversation will take place between your agent and the listing agent. On the surface, it may appear that the only thing being accomplished is gathering the necessary disclosures. Appearances are deceiving. Your agent is already beginning the negotiation process. Reviewing the listing agent’s history before the call has offered some insight but the conversation will season the statistical data and offer hints as to which direction the negotiation should take.

Your lender will also be contacted. A letter validating your ability to actually buy the home must be included with your offer to purchase. This is another conversation in which your agent will develop more information necessary for the ongoing negotiation. A discussion of how your offer will be prepared and what may be necessary for responding to any counter offer will take place.

Once all the necessary information has been gathered, your agent will go over the offer process with you. You will be asked to fill out a financial information sheet that will accompany your offer. This is basic information given to the seller so they will have a certain comfort level that you actually do have enough cash on hand to cover the amount of money you will have to bring to closing. The letter from the lender is but one piece of the puzzle. A seller will want to see the probable source of down payment, closing costs, etc. This is well within their rights. Money is not a “protected class” and if a seller is not comfortable with all the issues surrounding your financial ability to purchase the home, they can refuse to accept your offer.

Your actual offer will be prepared with the help of your agent. Forms that have been developed by the local real estate commission will be used. They include the basic contract of sale which outlines the terms necessary to make a legal purchase. In addition to the basic offer/contract, you will have addendum’s specific to the jurisdiction, others defining contingencies of the offer and even more that narrow the terms of the offer. You will also have disclosures about the property prepared by the seller that cover the condition of the home.

It may seem a bit overwhelming, but remember if it is not in writing, it does not exist. Your offer, once counter signed by the seller becomes the final contract of sale. It will provide the framework for the transaction.

Your agent will submit your offer.

You will discover that there are 60 long seconds in every minute. You will become aware that every passing hour has 60 plodding minutes. You will wait, and wait and probably wait some more. After all, the ball is in the seller’s court.

Attempting to determine the outcome based on the length of time you have to wait for a response is pure folly. Your agent can not possibly know all of the factors the seller is sorting through. You have come this far, now is not the time to bristle. You have done all that you can do. Until you receive a response, patience will be your sweetest ally.

what have i doneOf course, it is only natural for you to be filled with a little doubt.  Angst is doubts pain filled bedfellow. Cup of coffee or latte, maybe you do that every day. This is a major step. For most people, the biggest expense they have dealt with (other than college loans) has been an exotic vacation. This is all about the long term.  This is home.  Sure, it is not forever, but, it is today and this is a lot of tomorrows.

Anybody in your situation would be spending a few minutes here and there wondering about the decision.  Trust yourself, you have come this far based on desire and practical application.  You have followed the necessary steps to reach this point. The seller will respond and you will have the support and counsel of your agent to deal with any counter offer that might be made. If the offer is accepted, you will be shepherded through all the following steps in the process.

You have found the ONE. With the guidance of your agent, you can now proceed to see if the ONE is the ONE.

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