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Making an Offer
Once you have found the home you wish to purchase, you will need to determine what offer you are willing to make for the home. It is important to remember the the more competition there is for the home, the higher the offer should be - sometimes even exceeding the asking price. Remember, be realistic. Make an offer you want the other party to sign!
To communicate your interest in purchasing a home, I will present the listing agent with a written offer. When the seller accepts an offer, it becomes a legal contract. When you write an offer you should be prepared to pay an earnest money deposit. This is to guarantee that your intention is to purchase the property.
After I present your offer to the listing agent it will either be accepted, rejected, or the seller will make a counter-offer. This is when we will negotiate terms of the contract if necessary.
The step by step contract procedure for most single family home purchases is standard. The purchase agreement used is a standard document approved by your local real estate board.
The purchase agreement or contract constitutes your offer to buy, and once accepted by the seller, becomes a valid, legal contract. For this reason, it is important to understand what is written on the contract offer.
WHAT HAPPENS NEXT
Now that you have decided to buy your home, what happens between now and the time you legally owner the home? A Title Company may handle the following items: NOTE- in different parts of the country, attorneys, lenders, escrow companies and other persons who are independent of title companies perform some or all of these functions.
Earnest Money - An agreement to convey starts the process once it is received at the Title Company. Once you submit the loan application, it is usually subject to a credit check, an appraisal, and sometimes a survey of the property.
Tax Check - What taxes are owed on the Property? The Title Company contacts the various assessor-collectors.
Title Search - Copies of documents are gathered from various public records: deeds, deeds of trust, various assessments and matters of probate, divorce, and bankruptcy are addressed.
Examination - Verification of the legal owner and debts owed.
Document Preparation - Appropriate forms are prepared for conveyance and settlement.
Settlement - An Escrow Officer oversees the closing of the transaction: seller signs the deed, you sign a new mortgage, the old loan is paid off and the new loan is established. Seller, agents, attorneys, surveyors, Title Company, and other service providers for the parties are paid. Title insurance policies will then be issued to you and your lender.
Title Insurance - There are two types of title insurance:
- Coverage that protects the lender for the amount of the mortgage.
- Coverage that protects the equity in the property.
Both you and your lender will want the security offered by title insurance. Why?
Title agents search public records to determine who has owned any piece of property, but these records may not reflect irregularities that are almost impossible to find. Here are some examples: an unauthorized seller forges the deed to the property; an unknown, but rightful heir to the property shows up after the sale to claim ownership; conflicts arise over a will from a deceased owner; or a land survey showing the boundaries of your property is incorrect.
For a one-time charge at closing, title insurance will safeguard you against problems including those events an exhaustive search will not reveal.
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The data relating to real estate for sale on this web site includes listings held by MLS-IDX Participants of the Internet Data Exchange program of the Multiple Listing Service of the Pocono Mountains Association of Realtors®. Listings marked with the Internet Data Exchange logo are not necessarily the listings of the owner of this web site. All listing data is the copyrighted property of the aforesaid Association and its MLS-IDX Participants with all rights reserved. The information contained herein is believed to be accurate, but no warranty as such is expressed or implied. 
