Article: . If the seller rejects your offer, they'll tell you why. Ideally, they will only disagree on price, which is easy to negotiate. However, they might also disagree on other things, such as contingencies. Talk to your agent about how to proceed. You can expect sellers to claim that there is another buyer interested in the property. Trust your research. If the home has been on the market 120 days, it's unlikely a second buyer suddenly appeared at the same time you did. If you increase your bid, don't go too high. You still need to be able to afford your house. You've been pre-approved, but you still need to apply for a mortgage. Complete the application and submit all required supporting documentation. Mortgage rates are determined when you apply (not during the pre-approval process). Don't be afraid to shop around for the best rates. Check your purchase offer to see who will pay for them. You will need to pay for the inspection and appraisal fees at the time of service. If you plan to do the inspection yourself or do not want an inspection, then you may not have to worry about this cost. However, getting an inspection is a good idea in case there are any major issues with the home. The appraiser will take photos and send those to the underwriter along with their report. The underwriter is in charge of approving the loan, so any issues may delay approval. In some cases, a rehab loan may be required to move forward. If the inspection uncovers problems, then discuss with the seller how to handle them. You can ask the seller to repair the problem before closing, or you can ask for a credit that will be applied against the purchase price. Depending on your contract, you might also be able to walk away from the purchase. Your lender will be interested in the appraisal, since they won't lend you more than the townhouse is worth. You can contest the appraisal if you think it is low. Your lender will probably require that you have homeowners insurance before they will give you the loan. You'll need to pay your first year's premium at closing. You can shop around for the best deal. At the closing, you'll need to pay for your down payment, closing costs, and possibly the first payment on your mortgage. You may also need to pay your lawyer. You'll need a certified or cashier's check to cover the closing costs and your down payment. You'll end up signing dozens of documents at your closing. Your lawyer or real estate broker should attend along with you in case there are any problems. Pay attention to the following: You will receive a closing disclosure. This document should itemize how closing costs have been divided between you and the seller. Although you should have received this document a few days in advance, double check the information. Carefully review the terms of your mortgage. Again, there shouldn't be any surprises. Stop the closing if the mortgage details are not what the lender has previously told you. At the end of the process, you should get the keys to your new home!
What is a summary of what this article is about?
Go back and forth with the seller Apply for your mortgage. Have the home inspected and appraised. Purchase insurance. Get certified or cashier's checks. Attend your closing.