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HOW TO BUY A HOUSE. . . STEP THREE, CREATE CONTRACT TO PURCHASE HOUSE

The third step is the most bewildering for first time home buyers.  After you have looked at the market and have decided this is the house you want, how do you create a contract to buy your house?

Working with a Realtor makes this easy.  Your realtor has access to a vast array of contracts that are designed to address most needs of both the buyer and the seller in a contract.

In Georgia, you can create a contract on a scrap of paper with just a few words.  But if a difference of opinion arises or issues with the house, a scrap of paper may not be enough to protect you and keep you out of court.

Let us assume you are going to use a realtor, hopefully a Dora Cox Realty realtor.

Housing prices are always negotiable.  The Seller may not take less, but you can always try.  Besides the price, a contract spells out who pays Buyer’s closing costs and how much;  when will you close on the house; which attorney will handle the closing; and many other issues.

Your realtor will ask you many questions designed to make the contract as close to your needs as possible.

Then the contract is submitted to the Seller.  The Seller then decides what to agree about the contract and what to counter on the contract.  If the Seller signs the contract without making any changes, the contract negotiations are complete and the contract is binding as soon as the Buyer gets a copy.

If the Seller makes changes to the contract, it is considered a “counteroffer.”  The Buyer can then make sign the counteroffer without making changes and the contract negotiations are complete and the contract is binding when the Seller gets a copy. 

But if the Buyer makes any changes to the counteroffer, the you are still in negotiations.  The offer can go back and forth as many times as needed till both parties agree to all conditions of the contract.

Working with a realtor makes this process less stressful for both parties.  Most issues are covered in our standard contracts.  The contracts are designed to address the needs of both the buyer and the seller.911-essay.com

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