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First-Time Home Buyer

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Benjamin Tabib
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First offer accepted and a bit nervous

Benjamin Tabib
Posted Nov 25 2022, 11:34

I just had my first ever offer accepted and only have a vague idea what to do. I'm buying from overseas so my agents doing most of the legwork. My initial thoughts are to get an inspector to the home asap, pay earnest, have contractors give me quotes and stay alert for any deal breaking news. I'm not an American citizen but have a llc however it doesn't have an ein as of writing this. I don't have enough cash to outright buy but a loan should be easily affordable since I plan on renting it out to pay that off. If I seem to be missing any crucial steps, would happily accept all advice.

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Bob Willis
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  • Investor
  • Curtis, NE
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Bob Willis
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  • Investor
  • Curtis, NE
Replied Nov 25 2022, 11:46

Nervousness after someone accepts your offer is natural. Questions like, "am I making the right decision" are part of the process. Your agent should guide you on the next steps to take and should facilitate much of this for you. The inspection should expose any deal breakers. Good luck.

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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
Replied Nov 25 2022, 21:23

Fear comes from not knowing, you will be in this situation more than 10 times. This will be a price of cake for you, make sure you learn as much as possible from fear 

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Nate Sanow
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  • I​nvestor & Agent
  • Tulsa, OK
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Nate Sanow
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  • I​nvestor & Agent
  • Tulsa, OK
Replied Nov 27 2022, 10:04
Quote from @Eliott Elias:

Fear comes from not knowing, you will be in this situation more than 10 times. This will be a price of cake for you, make sure you learn as much as possible from fear 


 Once again Elliott beat me to it ;) after awhile buying a house is like checking out at the store, but at first it is scary and that is okay.  The fact that you know the next few steps is good.  Stay in touch with your agent.  

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Dave Skow
  • Lender
  • Seattle, WA
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Dave Skow
  • Lender
  • Seattle, WA
Replied Nov 28 2022, 16:46

@Benjamin Tabib- congrats 1) get your loan in place asap ( you should have done this before making an offer ) 2) there are not many lenders making loans on rental properties and in LLC names so you will need to locate a lender than can do this ...maybe your realtor can provide a loan source

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Sarita Scherpereel
  • Real Estate Agent
  • Chicago, IL
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Sarita Scherpereel
  • Real Estate Agent
  • Chicago, IL
Replied Nov 28 2022, 19:17

Hi @Benjamin Tabib It's normal to be nervous especially as an overseas investor. Yes, these steps sound about right for where you should be at this point in the process. Your realtor should be guiding you through this. I had an attorney do my LLC with the EIN. I didn't' think this took that long (but it's been years). Is it possible to do this quickly while under contract? In Chicago, real estate transactions use lawyers. I'm not sure what the market norm is in Fort Wayne but if you have one on the transaction, I would ask them. I would not move forward or pay for the Appraisal unit this is sorted out and after your inspection. At least in Chicago, that's normal. Double check with your agent on that as well.

Ultimately, what is meant to be will be. I know it's a redundant expression. But often times in real estate things just happen how they are supposed to. If something happens that you can't purchase at this time, this is a great learning experience you'll have for the next one. Fingers crossed it's meant to be! 

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