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How To Bid on a House

Watch more How to Buy a Home videos: Subscribe to Howcast's YouTube Channel - With tips in this video, learn how to place a bid on the house of your dreams. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Step 1: Choose a real estate agent Select a real estate agent who is willing to accommodate your needs and specializes in brokering the type of property you're looking for. Step 2: Get prequalified Get pre-approved for a loan so you'll know exactly what you can afford. Tip Be prepared to put down between 5 and 20 percent as a down payment, depending on the type of loan and your credit rating. Step 3: Research available homes Use your city's Multiple Listing Service to find and tour available homes. Step 4: Select home Choose the home you want to bid on. Your agent will find comparable sales in the area to determine a good starting bid. Step 5: Make bid Determine your bid price. Include your move-in timeline; the deposit, or earnest money amount, you'll pay; inspection and financial contingencies; and items, such as appliances, that you'll want included in the purchase price. Step 6: Respond to the counteroffer Accept or decline any counteroffer the sellers submit. Once the haggling is finished and the contract is signed, a closing date will be set. Get ready to move in! Did You Know? In 2009, one study about 20 percent of American homeowners -- about 20 million residences -- owed more than their homes were worth.
Length: 01:28


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