It is exciting to begin searching for homes. But what will you need when you finally find “the one” and fall in love the moment you walk through the doors with your real estate agent?
- TEAMWORK – Having a trusted real estate agent is key to writing a successful contract, and working with a Mortgage Planner on your pre-approval can make all the difference in whether that offer is accepted. A pre-approval* letter shows the sellers that you are qualified and serious about purchasing their home. This will give you an advantage over other buyers because the sellers will know that you can afford the amount they are asking for their home.
- RESEARCH – When the time comes to make an offer and negotiate the best deal, the research your real estate agent will do for the property and the area are critical. Take the time to compare the price, quality and features of the other homes in the area that you are considering buying.
- NEGOTIATION – Your purchase offer will contain all of the items that will act as a guide for the final agreement. This will include things such as the purchase price offered, the down payment, and other contingencies. If the seller likes almost everything and wants to further negotiate a term, you will likely receive a written counteroffer with changes requested by the seller. Each time the buyer or seller makes changes to the terms, the other party has the option to accept or reject the changes. Once a party signs an acceptance of the proposal, the document becomes a binding contract.
Purchasing a new home is a very exciting time and my team here at Fairway is here to answer any questions you have. If you don’t have a real estate agent, I would be happy to suggest the name of an excellent agent who can help you. Call me at your earliest convenience and we will work together to make your new home dreams a reality.
*May not be applicable in the state of Texas. Please check with your mortgage planner for more details about programs that are available for homebuyers.Tags: First Time Homebuyer, Homebuying