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We offer a complete line of
Texas mortgage loans, Texas home equity loans and Texas mortgage refinance loans
for all types of borrowers with low Texas mortgage rates.
Making an Offer
There is more to making an offer on a home that you are interested in buying
than simply telling your Realtor that you would like to put in a bid on a
certain home. You always want to make sure you get the best deal that you can
and you don't pay more than you need to when you buy a home. The first thing
that you should do when you are considering making an offer on a home is to sit
down with your spouse and agree on the most that you want to bid on a home. This
way you can establish a set of "ground rules" for yourselves and you need to
stick with this. Just because you may be pre-approved for a higher value does
not mean that you need to buy the maximum house that you are pre-approved for.
This is the number one way that people get into trouble by going above their
means and struggling to make their house payments.
Before making an offer on a home, make sure you get pre-approved. Getting pre
approved for a mortgage is probably the most important step when you are
starting off the home buying process. Being pre approved will give you an idea
of how much of a home you can afford, what price range of houses you should
start looking at, show Realtors that you are serious and ready to buy, and show
sellers that you are serious and let them know you mean business when you bid on
a house.
Making an offer on a home requires the assistance of a real estate professional.
Since home prices have fluctuated recently consult with an expert in the market
to determine what price to offer on a home.
Ask your real estate professional to print a list of comparable sales that have
closed recently in the area. This will give you an idea of what homes are
actually selling for in the area. Keep in mind that your initial offer is just a
starting point for negotiating a final price.
When you make an offer you will be required to put down earnest money as a
deposit to show you are a serious buyer. The earnest money will be applied
towards loan closing costs. Be careful when dealing with For Sale By Owners,
make sure they have a title company or attorney holding the escrow money.
Remember, when bidding on a house there is no clear set rule that states you
have to bid what the seller is asking and there is no rule that says you have to
bid a certain percentage under the asking price. Different market conditions and
other external factors will play a role in deciding how much you bid along with
your personal budget and making sure you stick with a home that is comfortably
affordable for you each and every month.
Making an offer in today's market may mean that you have more pricing power than
you may have in say, 2004, however getting a loan may be more challenging than
it was in that time period. Before making an offer, first determine how much you
can afford to pay each month in total for the mortgage payment, property taxes,
and insurance.
If you have questions, you should call us anytime at
281-597-9234
Or e-mail
Vinni100@netzero.net
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