Need to know exactly how this goes

Can someone tell me the steps of bidding, an offer, a closing. At what point does the bank come into it? when does the inspection happen? At what point are we absolutely committed when do we give the down payment?

After you find a house, you place a bid with your RE agent. They present it to the sellers and will call you back with their input (counter offer, accept, etc) Once they accept the offer, you call in your inspector. After that, their lawyer will send your lawyer the contracts. Based upon your inspection you may add some stipulations to the contract (for us they had to put a new cap on the chimney and something else). THen you sign the contracts and it gets sent back to their lawyer to for the sellers to sign. At the point when you sign, you may be asked to put some money down I think for us it was $10K. Then the bank comes in and you get your mortgage, appraisal etc. The full DP doesnt come until the day you close.

Once the contracts are signed by both parties you are committed unless there are any clauses in your contract.

As soon as you sign the contract, you should have a bank in mind. Then you should get the process really rolling.

We were asked to put down 10% at contract.