Process of Buying a House

Warner, Serkes, and Devine (1990) make a good point when they note that two of the most important steps begin with the decision to buy a house--deciding what sort of house you want, and determining what sort of house you can afford. The two must be matched until the buyer understands the type of house sought and the price he or she is able to pay for it. The authors offer this advice: "Trust yourself, not experts" (p. 2). In order to do this, though, you have to be certain of what you want and have enough understanding of the market to know a good deal when you find it.

It is possible to adjust the way you pay for a house to make it more affordable, and this is determined in part by the size of the down payment you can make. Shenkman and Boroson (1989) note that there are two ways a down payment can affect what house to purchase. First, since a certain percentage is required, the size of the down payment is directly related to the amount one afford for the house. Second, the size of the down payment will also determine the monthly payments, and the buyer has to be certain that he or she will be able to afford those monthly payme

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es that the buyer make a specific written legal offer to buy the property and that the seller legally accept this in writing. It is also possible that the seller will make a specific written legal offer to sell the house and the buyer will accept it. The seller's listing price is not a legal offer, though some may believe it is. A listing price in whatever form is only a general indication of what the seller will accept. The first legally binding offer is usually made in writing by the prospective buyer. Legally binding means that the offer is specific and lays out the price and the terms and that the seller has the opportunity to accept it in writing before either the offer is withdrawn or the time period for its acceptance passes (Warner, Serkes, and Devine: p. 15/1). To be legally valid, the offer to buy must be in writing, delivered to the seller or his agent, and contain specific terms so that if the seller agrees, the deal can be completed. The seller's acceptance must also be in writing. Offers usually give the seller a short time in which to accept. During this time, the buyer can revoke his or her offer in writing before the seller communicates acceptance either to the buyer or the buyer's agent. The seller can
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Approximate Word count = 1392
Approximate Pages = 6 (250 words per page)

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