4 Things You Should Know Before Making an Offer on a Home

By
Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

Making an offer on a home is a delicate balance. By being prepared, knowing what to expect and working closely with your real estate agent, you can be confident in putting together a strong offer.

You have your heart set on buying the home, but you need to also be realistic with your budget — without putting in an offer too low for the seller to take seriously. Here are four pieces of advice to keep in mind as you get ready to make an offer.

Know Your Limit and Show You’re Serious with a Pre-Approval Letter

If are in the market to buy a home, one key piece of information you should know is how much you can spend. Knowing your loan limit can help you set your budget.

Going through a pre-approval process with a lender will tell you the maximum amount you are qualified to borrow, which comes in the form of a pre-approval letter.

The pre-approval letter is not a loan guarantee, because the lender still needs details about the home and specifics about your loan. The letter also has an expiration date, so make sure you know how long the letter is good for.

To learn more about making an offer on a home and the home buying process, visit the SCOOP! Blog

Comments (2)

Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Thaks for sharing Jackie!

The pre-approval letter is not a loan guarantee, because the lender still needs details about the home and specifics about your loan. The letter also has an expiration date, so make sure you know how long the letter is good for.

Dec 15, 2021 03:58 AM
Jackie A. Graves

Hi Sham, thank you for your comment. Very much appreciated. Stay posted for future blogs and make it a great day. 

Dec 17, 2021 12:54 PM
Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
Owner,Broker

I just took the bait and went to Open Door and requested an offer on my home.  I think if they never bought a home, they might be profitable reselling all "my data" to their partners.  They allow you to upload more data if you want to further refine their estimate, but then all the other data will be sold to their partners as well.

Dec 16, 2021 03:19 PM
Jackie A. Graves

Hi Jim, thank you for your comment. Very much appreciated. Stay posted for future blogs and make it a great day. 

Dec 17, 2021 12:56 PM