Twitter Facebook  Google

Step 5 - Selecting a Home

  <BACK  NEXT>    

There's no doubt that choosing a home is a big decision and you want to do it right. As a buyer, here's what actually happens. A home has been placed on the market for which the seller and listing agent have established a listing price.  At this point, you and your REALTOR® make an offer on the home.  The seller will either reject, accept, our counter your offer.  Following the advice of your REALTOR® will help you make the wise and right choice for your offer. 

No aspect of the home buying process is more complex, personal or variable than bargaining between buyers and sellers. This is the point where the value of an experienced REALTOR® is clearly evident because he or she knows the community, has seen numerous homes for sale, knows local values and has spent years negotiating realty transactions.

Is This "the" House?

How do you know if a house is THE one? Probably the best approach is to talk with your REALTOR® and discuss all of the important criteria you have made in choosing a home (check prices, view photos, view tours, check neighborhood statistics, check the school information, etc.) . Once your choices have been narrowed, you analyze your final choices and how each fits into your plans for your future home.

How Much Down?

If you place less than 20 percent down, lenders will want the mortgage guaranteed by an outside third party such as the Veterans Administration (VA), the Federal Housing Administration (FHA) or a private mortgage insurer. More than 2.5 million of these loans are generated each year.

Can You Really Afford It?

Remember Step 2, the preapproval process? Getting preapproved means you have a very good idea of how much you can borrow, what loan programs will most likely work best in your situation and how much home you can afford. How reliable is a preapproval? While preapproval is not a loan commitment, it’s still necessary for lenders to check such items as credit reports, debt to income ratios, liabilities, assets, and more. . Despite fluctuating interest rates, preapproval nonetheless provides a reasoned, careful analysis of what you can afford. After all, loan officers are routinely paid only when loans are originated. It doesn't make much sense for loan officers to suggest high loan limits that later can't be delivered. Seek the advice and recommendation from your REALTOR® and/or mortgage loan officer. Also, revisit our "How Much Can You Afford?" page to get a ballpark idea as to what you can expect to afford in terms of your financial picture.

Are you looking to buy or just curious? We've got you covered with an overview of the process. Contact a REALTOR® today for more details.

Connect with a Georgia REALTOR®

About Us

Enhancing Property Ownership is brought to you by the Georgia REALTORS®. We are a non profit organization made of REALTORS® that fights for the rights of all property owners by operating under a strict Code of Ethics.




Connect with a REALTOR®

Click the link below to find a Georgia REALTOR®. REALTORS® are members of the national, state, and local Association of REALTORS® and  follow a strict code of ethics to ensure your rights are protected.

Connect with a Georgia REALTOR®