Buying a home is complicated, especially your first time around. If you are at the point where you have done your research and looked at homes for months (maybe longer!) and you have finally spotted your home. It is scary and exciting all at the same time – you are ready to make an offer…now what? Here are some tips to help you through the process.
What do you want?
A buyer should be confident going into the offer process. Always trust your own judgement and your agent is there to help you through this process and answer all your questions. Everything about an offer is negotiable – the price, the terms, the occupancy date, what personal property is included, etc. Asking for what you want is the first step, you may not get it, but set out what you want and ask.
Communicate with your Lender
Your lender is very important and should be with you every step of the way through this process. You may need a new pre-approval letter to even submit the offer if some time has passed since your initial pre-approval letter was given. Rates change daily and you will need the most updated information to submit your offer. Define the maximum interest rate at which you are prepared to finance. This is to protect yourself against volatile, escalating interest rates, which could land you with a much higher mortgage payment than you had anticipated.
Discuss terms and finalize your offer, and then submit it to the buyer. Not every offer is accepted. If it doesn’t work out, another home for you will come along in the future. Buying a home doesn’t happen overnight and your realtor is along for the ride with you to help!
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