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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 RI Living.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 pre-approval process? Getting pre-approved 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 pre-approval? While pre-approval 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, pre-approval 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.
Provided by the National Association of
REALTORS and Realtor.com |
