So you’ve checked your credit, you’ve applied with a lender, you’ve been preapproved, you’ve searched for homes and gotten advice from real estate professionals, you’ve chosen a home that meets all of your needs. Now you are finally ready to purchase your new home.

This is undoubtedly the most exciting part of the home buying process, and Wells Fargo is as enthused as you are. You have worked long and hard to obtain your new home and you should be able to move in! Unfortunately, don’t assume it’s over so fast. Just because you have been approved for a mortgage and found the right home doesn’t mean that the sellers will accept your offer and sell you the house. There may be many other offers received, or situations you did not expect to come up. Maybe they prefer to sell it to previous home owners as opposed to first time buyers, or people like them instead of people to whom they cannot relate.

Remember that the purchase of a home is a negotiable transaction. Rather than shopping in retail stores where the signs and tags clearly give you the set price, home buying is more of a barter system where both parties must compromise and settle in order to make a deal.

Making an offer can be easier if you keep some things in mind. Be professional and straight forward, showing your strong interest in the home and your ability to pay for it. Once the sellers have accepted your offer and you have settled on a price with them, put it in writing.

Sometimes legal situations will arise out of nowhere and cause extremely complicated and devastating results. All negotiations should be noted on paper, with signatures and specific agreements. Even if the sellers prefer to do things verbally, stand your grand and demand a written contract.

Make sure you have proof of preapproval when making an offer on the home. The easier you make the process for the sellers, the more likely they will sell the home to you.
If you have a secure financial agenda, the sellers will find comfort in your security and be assured that there will be no financial trouble.

Also, like many large transactions including renting property, you will most likely need to give an earnest money deposit. This is called a “good faith” deposit, and is a deposit to guarantee the seriousness of your offer. The deposit amount can vary, depending on your area, the price of the home and the sellers, but this deposit will go into an escrow account until the final transaction is complete.

The purchase agreement will be made and signed by both parties, including all of the specific expectations and conditions of the agreement, any exceptions or special aspects of the agreement. Be careful about this document and review it meticulously, as these are the terms of the contract and may bring legal disputes if you are not careful.

Usually this agreement includes sale price, amount of loan, down payment, deposit, names of both parties and any agents, contingencies of the agreement as mentioned above, appraisal value, home inspection, and home address and description of the property. Inclusions may vary depending on the home, the buyer and seller, or other particular circumstances.