You have found the perfect first home in which to start your family, or an attractive step-up property for your growing brood, or perhaps a smaller residence as a means of downsizing.
Regardless of your situation in life, there are three important steps you should complete before submitting what will be a winning bid on your new home.
Realtor Judi Wright is happy to share this information with you, and encourages you to take these steps.
The first step is to prequalify yourself for a home mortgage loan, regardless of whom you are borrowing from. This will give you an accurate idea of how much you will be able to borrow, and how much you can afford for your monthly mortgage payment. And, you will have all of your paperwork ready to present to the buyer with your offer. Having a preapproval letter to submit with an offer is a must in this competitive Seller’s market.
Next, be sure that you realize you can negotiate items such as (but not limited to) closing costs, the escrow period, the down payment amount, and what fixtures and amenities will be included in your new home. Be reasonable, but also realize that there are a number of items that can be negotiated, and the results should be considered when deciding on the amount of your bid.
Since it is your right as a homebuyer to hire your own home inspector (at your expense), this should be your third step. Your home inspector will thoroughly examine the property before you make the offer. The projected amount of repairs that the property will require will help you decide what your bid will be.
Now you can prepare to make your bid. Remember that in a competitive market, you need to put your best offer forward right away because you may not get a second chance.
Judi Wright, your real estate agent, as well as your loan officer will be more than happy to help you, and use the information you’ve collected to provide input on a competitive bid.
As a result, you’ll be in a good position to secure the home of your dreams!
Realtor Judi Wright hopes that these tips will help as you plan to submit a winning bid for your new home. Please be sure to Email Judi at [email protected] or call her at (214) 597-2985 if you are in the market for a new home, or looking to sell your current property.