As you might imagine, there are many ways to buy a Boise home.
Naturally, some ways are easier than others.
Here’s how I try to structure my transactions to make the process easy for both buyer and seller.
Step #1: Buyer Loan Approval
It’s best for the buyers to get their financing pre-approved before looking at homes.
Pre-approval helps the buyers understand all of their financing details upfront so they know what they can afford and what it will cost.
More important, most sellers will not accept an offer from buyers who haven’t been pre-approved.
Step #2: Offer Negotiations
When the buyers find the right home, they make an offer to purchase.
The sellers can accept the offer, make a counteroffer, or reject the offer.
When the offer is ultimately accepted, it’s time for Step #3.
Step #3: Home Inspection
Most offers include a provision for a home inspection.
The buyers pay for the home inspection and have the right to complete an inspection and request repairs within a specified number of days.
Then, the sellers can agree to make all of the repairs, make some of the repairs, or refuse to make any repairs.
If the sellers refuse to make requested repairs, the buyers can cancel the transaction.
Note: One exception to this occurs when the offer includes a clause allowing the buyers to cancel the transaction if they deem the results of the inspection to be unsatisfactory.
Step #4: Appraisal
Appraisals are usually done after resolving any possible inspection issues.
Although rare, major inspection issues (like “mold”) can kill a deal and it isn’t a good idea to incur the cost of an appraisal until inspection issues have been resolved.
Step #5: Closing
Closing occurs after all conditions have been satisfied, final closing documents have been signed, and the lender has funded the loan.