Strategic Points Group: Buying Homes: Choosing a home

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Decisions, decisions
There's no doubt that choosing a home is a big decision and you want to do it right every time.

As a buyer, here's what 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 write a contract; refuse it and not make an offer; or suggest different terms and make a counter-offer. If you choose the last option, the seller can accept, reject or make a counter-offer.

No aspect of the home buying process is more challenging, personal or variable than negotiations between buyers and sellers. This is the point where the value of an experienced agent is clearly evident because he or she has spent years negotiating realty transactions.

Finding THE house?
A house is shelter, but a home is a lot more. It's where you live, relax, entertain, raise families, and work. Your home is where a tremendous amount of your life is spent, and so choosing a house is an enormous decision.

How do you know if a particular house is THE one? Probably the best approach is to look at as many homes as possible, something made easy by the internet, 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. In some cases it can even prove to be beneficial to search out a lender and get pre-qualified before you begin looking.

Can you really afford it?
Getting pre-approved means you have a very good idea of how much your capable of borrowing, what mortgage programs will most likely work best in your situation and how much home you can afford with a specific downpayment.

How reliable is a lenders pre-approval? While pre-approval is not a loan commitment, it's still necessary for lenders to check such items as appraisals, the latest credit report and income documents. Despite fluctuating interest rates, pre-approval nonetheless provides a reasonable analysis of what you can afford. After all, loan officers are paid only when loans are closed. A seasoned loan officer wouldn't suggest higher loan limits that later can't be delivered.


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Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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