There currently are more
homes for sale than there are eligible buyers,
making now a good time to purchase a house or
condominium. To avoid overpaying for that
purchase, borrowers should be certain to obtain
written mortgage pre-approval from a lender.
Taking this step will ensure that the
house-hunters are considering only those
properties that they can afford.
Prospective homebuyers
also should visit many other homes in a
neighborhood before making a decision to buy a
house there. One good way to accomplish this is
by visiting as many Sunday open houses as
possible.
While many homebuyers
launch their search for property online, the
Internet still is merely a starting point. For
this reason, the assistance of a savvy buyer's
agent – who represents the interests of the
buyer alone – who is familiar with the targeted
community is critical. This professional also
will prove invaluable in finding out the
seller's motivation for unloading the property
as well as what price the owners paid for the
residence – information that will give the buyer
leverage for negotiations.
Also with the help of
the buyer's agent, home bidders should craft an
initial bid that is fair but not their best
offer. Buyers must remember that they can always
increase their purchase offer later, but they
cannot lower it.
