made an offer on first house

[Adam Jacobs]

hi there! I've been browsing the forums for quite some time and decided it was time to make a move.

i have made a cash offer on a bank owned sfh needing minimal work. tomorrow I will be sending proof of funds and my earnest money deposit to the realtor.

any advice on where to go from there if the offer is accepted? id like to try and avoid newbie mistakes if possible. ie underestimating closing costs or other costs on top of the purchase price.

also, I will be renting this house and am buying into over $30k of equity if the offer is accepted

[Adam Jacobs]

hi, thank you for repies. I did do a quick inspection myself, but will be hiring an inspector if the price is agreed on.

also bryan, I understand what you're saying. I offered about $20k under the asking price which was already low ( way below appraisal value), with no great expectation of it being accepted, if it is great, if not there will aways be more deals to find.

just a quick note, the house was built in 2006 and is actualy in great shape, minus some paint and trim work.