Buying a home is one of the biggest and most important investments to make. It’s important to be prepared for the strenuous negotiations that are often a part of closing on a home. To do so, visit our checklist.
The first task is getting prequalified for a mortgage. Prequalifying for a loan eliminates wasted time in looking at houses outside of a budget or, even worse, finding the perfect house only for it to be sold while waiting on mortgage approval. It also signifies the buyer is ready to make such a big purchase.
A key to negotiating the right price is asking questions. Local REALTORS should know the answer to questions such as how long the home has been on the market, what the seller’s position is – how desperate they may be (or how patient) and other contingencies both the buyer and seller should consider. The more eager the seller, the lower the price that will be accepted.
At the outset of the home-purchasing process, determine a budget; then use that number to make an initial offer. Make sure the offer is in the ballpark of what a seller expects. An offer that comes in too high or too low can hurt the purchaser. If it’s too high, the buyer will end up paying more than necessary. If it comes in too low, it could offend the seller, meaning a loss in trust, which is key during this process. At worst, a price that is too low could in turn make the seller demand even more, insulted by the first offer.
Remembering these key points will help when it comes time to buy or sell a home. It’s a tricky process, so let a local Realtor® help!