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Exploring Your Mortgage Options
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1.DECIDING ON HOW MUCH TO OFFER
You’ve checked out all the homes you want to buy, you’ve set your budget, and you’ve picked out the home you love. But how do you know what you should offer? It’s imperative that you stay within your budget since there’s more to buying a home you like than selecting a number. When deciding on how much to offer, here are some things you should consider:
ARE THERE COMPARABLE HOMES FOR SALE IN THE SAME AREA?
You need to get an idea about the level of competition you’re facing in the market, and you can do that by noting how long a home has been placed on the market. The strength of your offer should be based on the level of competition in the market.
HOW LONG HAS THE HOME BEEN ON THE MARKET?
The seller may be inclined to accept an offer that is below the asking price if the home has been listed multiple times or has been on the market for a long time (more than 2 to 3 months.)
DO YOU EXPECT TO HAVE COMPETITION AGAINST OTHER BUYERS?
If the home is in a desirable area, there’s a good chance that you could get into a bidding war. Before making your initial offer, it’s important that you decide how high you’re willing to go above your budget. If you’re expecting that the home will get multiple bids, you should make your strongest offer upfront.
DOES THE HOME REQUIRE RENOVATIONS OR REPAIRS?
You should keep these future costs in mind to help remain in your budget.
CAN I OFFER MORE THAN I’VE BEEN APPROVED FOR?
The amount you’ve been approved to borrow from the lender will be stated in your approval letter. You may offer more than the approved amount, but to make up the difference you’ll need to make a larger down payment. You should also check with your lender about getting approved for a higher amount if your offer gets accepted.
2.WHAT YOU SHOULD INCLUDE IN YOUR OFFER
Your real estate agent will help you contact the seller and submit your offer in writing when you’re ready to make your offer. The actual offer letter may be written by your real estate agent, and some of the details it will include are:
- The address of the house
- Your name and anyone else’s name that’s buying the house with you, such as your spouse
- The amount you’re offering
- Any contingency you’ve requested (i.e., conditions that must be met before the sale is completed), like a successful home inspection.
- Any concessions from the seller you want (i.e., things you’ve requested from the seller), like cash for closing costs.
- Things you want to be included in the sale, such as window treatments and appliances
- The amount of money to deposit
- Your approval letter so that the seller understands your financial situation and knows you won’t face any problems with financing.
- The date you’re expecting to close
- The date you would prefer to move into the home
- The deadline to respond to your offer
CAN I ASK THE SELLER FOR REPAIRS TO THE HOME BEFORE I PURCHASE IT?
Yes, buyers usually request that the seller complete all repairs on the home before they purchase it. They may also request that sellers make upgrades to the home, such as installing new carpets, but you should keep in mind that expensive repairs may increase the purchase price of the home.
3.HOW TO NEGOTIATE THE PURCHASE PRICE?
If your starting offer has been accepted by the seller, then congratulations, you’ve just bought yourself a house! Your lender will send a Loan Estimate to you, which will outline the costs and fees of your loan, but you should know that these numbers may change up to 10% before the loan is closed. Your lender is also going to send you a Closing Disclosure before you close the loan, which will include all the final numbers, so you can check out everything that you’re paying for.
If the seller decides to reject or counter your first offer, how you proceed with the situation is your choice. Your agent can contact the sellers to find out if they’re willing to negotiate, and you can make a counter-offer that negotiates not only the purchase price but other aspects of the offer such as, the date you move-in to the house.
It’s imperative that you don’t lose track of your goals, since negotiating can be stressful, but you should always know that it’s OK to walk away if you can’t reach an agreement with the seller. There are going to be other houses, and buying a home is a long-term investment, which is why your view should also be a long-term one.
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Further Reading
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