How To Buy A Home In Oklahoma PT. 2 | Home Buying Process
How To Buy A Home Part 2 | Home Buying Process
This is video of two of three of how to buy a house. I'm Brian Mullins CEO and owner of Rose Rock Realty. Be sure you check out the first video if you haven't already seen it and the next video after you're done watching this one. Today we're going to be talking about contracts and how to write a contract and make an offer on a house.
Number One: Make An Offer
So in the last video we found the house well now it's time to make an offer on the house. now there's a lot of things that go into this not just the price but the price is obviously the most important thing. So, this is when you're gonna have a really good realtor the realtor is gonna go in they're gonna look at the comps they're gonna look at a lot of different things in the cops so we're gonna be looking at the house and how close it is so we're gonna try to find homes that are close and then we're gonna be looking at the price they sold for the condition that they're in and we're gonna be looking at the seller concessions and the type of loan and/or cash that they use so gonna be looking at all of this to help come up with a suggested price to make an offer from the new house that you are interested in we're also gonna ask you some things that we need to know whenever it comes to buying a house so concessions we'll talk about that in another video but we're gonna ask if you mean concessions we're asked about home warranty we're gonna have a closing date and we're gonna be looking at our inspection period how long we have the title company that we're going to be closing at all that is going to be important whenever it goes into writing an offer to make sure that the offer is well put together and put you in the best position when we're coming to negotiations step.
Number Two: Write The Contract
Writing the contract now this is the easy part unless you're the realtor but for the buyer what you're really going to do is take all the stuff we talked about in step one and put it into a contract all you have to do is sign everything now whenever you get a contract from realtor you're going to get an estimate and that estimate is gonna include what we ask to make your payments to be and your what your bring the closing as how much money
you have to bring the closing how much money you gonna get from closing so that's the main thing you need to look at so the contract should be written to reflect what that one sheet says you're gonna look at that sheet as long as that good you can read through the rest of
the contract to make sure that math is up but you're gonna get the contract and most of the time it's gonna be digitally so you're gonna get an email you go on there you tap tap tap tap tap to sign it's super easy and then you really don't get notified that you're done and then they will turn around.
Number Three: Submit The Offer
What happens after we submit the offer well there's three things that could happen one we could have them accept the offer which would be the ideal situation because we know we're okay with what we submitted at least we should be so they could accept the offer and then we are officially under contract - they could counter you so this is where we enter a negotiation period so they're going to say no we won't take this price we'll take this price they can also negotiate stuff other than just price we could be negotiating concessions closing date title company anything like that they have the right to counter back on so we're going to even you might get a counter or they could just find out reject us number three they could just say no we're not gonna take it now if that happens we could either move on to the next house or we could revise the offer we don't usually see a lot of rejections unless it's a super low offer usually they accept or they counter because the seller wants to sell the house now you might see a rejection if you end up in a multiple offer situation so that is kind of somewhere in between a counter and a rejection that would be they say we have more than one offer so everybody submit their highest and best so they're only gonna be able to taste up to one which is sad because
only one house and even if you love that house someone's got to win someone's gonna lose so that's always the possibility whenever they're going into negotiation so that's how you write an offer and negotiating an offer when it comes to buying a house.
So this is video two or three be sure to check out the next video where we talk about what happens once they accept the offer once we have an accepted contract so thank you so much for watching and be sure to check out our next videos coming up soon.