12 Steps To Buying A Home - #7 & 8

Step 7: Wait for a reply. If you’ve bid lower than the asking price, expect a “counter offer” higher than your bid. This can go a few rounds until you settle on a price.

Step 8: Once your offer is accepted (congratulations, by the way), you may be asked to put down a “binder” (a deposit of, say, one percent) until the contract is signed; some states give you a grace period of a few days to change your mind and walk away form the deal. Or you may go straight to contract. This process varies from state to state, something you want to ask your lawyer about before you get started.