Step 5: Choose a Home

Step 5: Choose a Home

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 as well as other terms. In effect, this is an offer. At this point, you have three choices: accept the seller’s offer and create a contract; reject it and not make an offer; or 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 home buying process is more complex, personal or variable than bargaining between buyers and sellers. This is the point where our value as experienced brokers is clearly evident because we know the community, have seen numerous homes for sale, know local values and have spent many years negotiating realty transactions.

Can you really afford it?

Remember Step 2 – the pre-approval process? 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.

Step 6: Get funding

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Neil D. Lyon CRB, CRS, GRI Cell: 505.660.8600 Direct: 505.954.5505

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