How do I determine how much my house is worth?
The value of your house is influenced by various factors, like its size and location. To get a better understanding of its worth, compare it to similar properties in your neighborhood. Additionally, you can utilize convenient online home evaluation tools. All you need to do is enter your address, and it will track the value of your home.
I know how much I can afford – do I need to talk to a lender before looking at homes?
Before diving into the exciting world of home hunting, it’s a good idea to have a chat with a lender. While you might have a rough idea of what you can afford, getting a pre-approval letter will give you the actual facts. Remember, your monthly payments go beyond just the mortgage principal, including interest, insurance, property taxes, and closing costs. To determine the amount you qualify for, you’ll need to provide financial statements and information to a mortgage lender. Trust me, it’s smart to start your search within your budget and have that pre-approval letter in hand before submitting an offer. And hey, if you’re a cash buyer, don’t forget to show proof of funds within three days after signing the contract.
Won’t I get a better deal if I contact the listing agent?
The truth is, not really. Let us explain why. The listing agent’s main priority is representing the seller, who is the one paying their commission. It’s hard for them to stay completely neutral in that position. What you truly need is someone who will fully represent your interests and advocate for you during negotiations. Submitting an offer and having it accepted is just the beginning; the real negotiations happen when you have your inspection and uncover potential issues. Remember, the one paying the commission is the seller. Plus, keep in mind that a listing agent is legally obligated to present all offers, ensuring that the best one is accepted. So, it’s crucial to have someone on your side who will fight for your best interests throughout the entire process.
What happens if the seller doesn’t agree to do the repairs or offer a credit?
In the unfortunate event that the seller refuses to agree to repairs or offer a credit, you might find yourself at a crossroads. Should you lack the means or willingness to tackle the repairs yourself, or if you are dissatisfied with the condition of the home, fear not! You have the option to cancel the escrow and gracefully walk away.