Buying Your First Home Doesn’t Need to be Hard!
If you feel you’re ready to pull the trigger on an offer, find out the whole story on the property and listing. You can learn a lot by uncovering information about the seller. Things like how long the home has been on the market and how many offers it’s already received are important pieces of information when determining what your offer should entail.
Keep Your Lender in the Loop
You’ll need a pre-approval letter with any offer you make, so keep your lender on speed dial. When you make your decision, your lender should know right away! Mortgage rates change daily, so make sure to have them keep you updated. From the time you applied for your pre-approval letter until now, there could have been a drastic rate change.
Reviewing Comps is Crucial
Reviewing and comparing the last six months of recent sales data is a top priority. Your agent can easily give you this information and explain the importance of it. These comps tell you about the most recent market and what buyers/sellers have agreed on for sales prices. Ask your agent what his opinion of the home’s value is and start to study this information.
There will be Other Houses!
It’s very rare that a buyer gets the first house they put an offer on. And it’s okay if you don’t. There will be plenty of other houses that match your criteria. So if your offer fails and you can’t find another one as perfect as that one, give it a day and see what else comes on the market! Have fun and learn from every offer you make.