determine your price limit and whether your budget can cover necessary upgrades , as well as monthly expenses for general upkeep and utilities , which can run hundreds of dollars monthly .
• Act fast . When home inventory is low , the sooner you can make an offer , the better . Get pre-approved if you know you ’ ll need a mortgage to buy . It will help you act fast and make a confident offer .
• Make a solid offer . A strong offer will be comparable with other sales and listings in the neighborhood . A licensed real estate agent who is active in the neighborhoods you ’ re considering will be instrumental in helping you put in a solid offer based on recent sales of similar homes , the condition of the house and what you can afford .
Always ask the seller for a home warranty as part of your initial offer . That way , you ’ ll be covered if appliances or mechanicals fail or break down after you ’ re in the home .
Set your offer apart from the competition by including a letter to the seller , or offer the seller the ability to rent back their home for some period of time after closing . This can be your chance to connect beyond just dollars . Talk to your agent about other ways to make your offer resonate .
• Prepare to negotiate . Be prepared for counteroffers . The two things most likely to be negotiated are the selling price and closing date . Given that , you ’ ll be glad you did your homework first to understand how much you can afford . Your agent will aid the negotiation process , giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met .
• Get a home inspection . Once you ’ ve signed the purchase contract , always get an independent home inspection so you know the true condition of the home . If the inspection uncovers undisclosed problems you can typically re-negotiate the terms or cancel the contract .
More tips , insights and homebuying resources can be found by visiting myhome . freddiemac . com .
While house hunting is fun , homebuying should not be taken lightly . For best results , get prepared . Smart strategies can help you make a successful offer on a property .