Once you find the home you want to buy, you can expect the following:

1. The offer : When you decide to buy, you make a bid or price offer. If it's accepted, you pay a binder fee , sometimes called earnest money, of $500 or more to secure your offer. If the deal goes through, the binder amount counts toward the purchase price. And if the deal falls through, you may get your money back -- unless it has fallen through because you've changed your mind about purchasing the property, in which case you may have to forfeit the amount to the seller.
2. Inspection : You should arrange for a licensed building inspector to examine the property to look for problems, such as cracks in the foundation or a leaky roof. If there's a problem, you can ask the seller to fix it, lower your offer, or withdraw altogether.   Keep in mind that the lender will require that the property meets its standards before it approves your loan.
3. Negotiating : Real estate agents may agree to a reduced commission , or finder's fee, to close a sale that's stalled over price, especially if the agent works for the broker listing the property.
4. The contract or purchase agreement : This is the first legal document you and the seller sign once all your conditions -- including selling price -- have been met. Contracts are standard, but are modified to reflect the details of your purchase. You may want to have a real estate lawyer review any contract before you sign it.  
5. The deposit : Signing a contract may require a cash deposit, often 10% of the purchase price. This amount is held in escrow , or reserve, and becomes part of your down payment. You usually get the deposit back if the deal falls through.