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.
At this point, you have three choices: (1)
accept the seller's offer and create a contract;
(2) reject it and not make an offer; or (3)
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 REALTORŪ
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, and 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
or Colorado Homes.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 REALTORŪ to find specific information
and options.
Can you really afford it?
Remember Step 2 - Get
Loan Preapproval? 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.
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