Choosing YOUR Home
Decisions, Decisions
There's no doubt that choosing a home is a big decision and
you want to do it right every time.
As a buyer, here's what 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 write a contract; refuse it and not make an offer;
or suggest different terms and make a counter-offer. If you
choose the last option, the seller can accept, reject or
make a counter-offer.
No aspect of the home buying process is more challenging,
personal or variable than negotiations between buyers and
sellers. This is the point where the value of an experienced
agent is clearly evident because he or she has spent years
negotiating realty transactions.
Finding THE house?
A house is shelter, but a home is a lot more. It's where you
live, relax, entertain, raise families, and work. Your home
is where a tremendous amount of your life is spent, and so
choosing a house is an enormous decision.
How do you know if a particular house is THE one? Probably
the best approach is to look at as many homes as possible,
something made easy by the internet, 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. In
some cases it can even prove to be beneficial to search out
a lender and get pre-qualified before you begin looking.
Can YOU Really Afford It?
Getting pre-approved means you have a very good idea of how
much your capable of borrowing, what mortgage programs will
most likely work best in your situation and how much home
you can afford with a specific down-payment.
How reliable is a lenders pre-approval? While pre-approval
is not a loan commitment, it's still necessary for lenders
to check such items as appraisals, the latest credit report
and income documents. Despite fluctuating interest rates,
pre-approval nonetheless provides a reasonable analysis of
what you can afford. After all, loan officers are paid only
when loans are closed. A seasoned loan officer wouldn't
suggest higher loan limits that later can't be delivered.
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