There's
no doubt that choosing a home is a big decision and you want to
do it right.
As
a buyer, here's what actually happens. A home has been placed
on the market for which the seller has established an asking price
as well as other terms. In effect, this is an offer. At this point,
you have three choices: accept the seller's offer and create a
contract; reject it and not make an offer; or suggest different
terms and make a counter-offer. If you choose this last option,
the seller may accept, reject or make a counter-offer.
No
aspect of the homebuying process is more complex, personal or
variable than bargaining between buyers and sellers. This is the
point where the value of an experienced REALTOR® is clearly
evident because he or she knows the community, has seen numerous
homes for sale, knows local values and has spent years negotiating
realty transactions.
Is
it THE house?
A house is shelter, but a home is far more. It's where you live,
relax, entertain friends, raise families, and work. A home is
where you spend much of your life, and so choosing a house is
an enormous decision.
How
do you know if a house is THE one? Probably the best approach
is to look at as many homes as possible, something made easy by
Realtor.com, where you can quickly and easily view huge numbers
of homes, check prices, take video tours and view extensive neighborhood
information. Once your choices have been narrowed, you can then
contact a local REALTOR® to find specific information and
options.
Can
you really afford it?
Remember Step 2 - the preapproval process? Getting preapproved
means you have a very good idea of how much you can borrow, what
loan programs will most likely work best in your situation and
how much home you can afford.
How
reliable is a preapproval? While preapproval is not a loan commitment,
it's still necessary for lenders to check such items as appraisals
and the latest credit reports. Despite fluctuating interest rates,
preapproval nonetheless provides a reasoned, careful analysis
of what you can afford. After all, loan officers are routinely
paid only when loans are originated. It doesn't make much sense
for loan officers to suggest high loan limits that later can't
be delivered.
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