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Making An Offer On Your First Home

By Tabitha Naylor

You have found a home that you really love in Vermont and now it is time to make an offer. That's the easy part. Now the negotiating begins, and this process can seem overwhelming and complicated, especially for first time buyers. You need to have certain things in order before you even consider making an effort. Not doing so could not only delay the process, but it may mean that you don't get the house that you really love.

Know Your Finances Inside and Out

This one is the very first step to buying a home. You need to know exactly how much you earn and how much you spend every month. You also need to know what your credit score is and what you can actually afford, whether you in a single earner or double earner household. This step is complicated because it includes a lot of organization, but you will definitely need to do it if you are trying to buy the home of your dreams.

Cash Buyer? You'll Need Proof of Financing

Homes are a big purchase, and you probably don't have cash lying around to buy a house in full. But if you do, it's important that you display proof of this to the the seller. If you're a cash buyer pending the sale of your current condo, include a copy of the P&S (Purchase and Sale agreement) with your offer. If you're awaiting funds from an inheritance or settlement, talk to your attorney and/or financial institution about getting the appropriate proof of financing and they will be able to help you out.

Make a List

This isn't just a list of what you would love - you need to make a list of what you actually need. These are often not the same things and if you are on a budget, you are probably going to have to make certain compromises. Making a list of what you need will provide you with a framework to work with.

Make an Offer

It may seem like this is the last step, but that is not the case. There are still things you need to do after you make an offer on the property. Nevertheless, you need to work with your real estate agent to make an offer on that home that you have fallen in love with. You may also want to look into first time home buying programs to make the process easier for you.

Schedule a Home Inspection

Once your offer has been accepted, a home inspection will need to be scheduled within 10-20 days. A home inspection is an extremely important part of the process. You need to make sure that there is no hidden things that you need to fix in the house, as that may cause you to spend a considerable amount of money that you hadn't budgeted for.

Above all, remember that buying a house takes a considerable amount of patience and research, and that making an offer is a process in and of itself - it may not always go smoothly, but you have the support of your real estate agent and soon you are going to be living in your perfect first Vermont home.

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