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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.
"Five Rules to Avoid Overpaying for Your Next
House or Condo," Inman News Features Online;
Bruss, Robert J. Abstracts Copyright;
Information Inc. |
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