Extending an Offer.

When you're ready to make an offer and buy your home, expect some negotiations until you reach a final price the seller is willing to accept. Working with a real estate professional to conduct the negotiations, be your advocate, and serve as a trusted advisor is a good idea. When you extend your offer:

• Ensure the seller knows you're prequalified, making your offer more attractive.

• Make sure ALL negotiations are in writing and that you receive copies.

• You'll need to make an earnest money deposit, typically 1-2% of the purchase price, but it varies by state. This deposit shows the seller that your offer is serious and made in good faith. It's given to the escrow company and will be applied to the final purchase price at closing.

Pre-Closing.

When the seller accepts your offer, here's what's next:

• Review the loan commitment, and make sure you understand the loan's rate terms, requirements and details.

• Have the home inspected by a certified home inspector.

• Obtain homeowner's and any other required insurance.

• Verify with the closing agent or attorney that a property survey was ordered.

• Set a closing date and time.

• Start preparing to move.

• Confirm that you have met all the guidelines and conditions in the purchase agreement established by the seller (see below).

• Be prepared to pay final closing costs at your closing appointment.

Remember, your United Funding Loan Officer will answer your questions, stay involved and guide you through the process all the way to closing.

The Purchase Agreement

At this point, money has officially changed hands. You're almost done. Now the purchase agreement has to be finalized. This is legal contract between you and the seller of the property. It outlines all terms and features of the final transaction, including:

• Property address and legal description.

• Sales price and the loan, down payment and deposit amounts.

• Names of all parties involved including the buyer, seller, buyer's agent, seller's agent, mortgage broker/banker and any attorneys.

• Time limits that might apply to the transaction.

• Any contingencies that must be addressed prior to the deal being completed and finalized (such as the sale of the buyer's present home, issues from the home inspection that might need to be repaired, etc.).

• Every home transaction is different, so not all contracts are the same. Turn to your real estate professional, title company or an attorney to help you through the negotiations and execution of a purchase contract.