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Home ownership is better than renting. By owning a home one invests into the property, so the money that you would normally use towards rent now goes into ownership. Once you know which home you want to buy, you should make an offer. Your real estate agent can assist you with the offer. Factors to consider are: The price should be in line with prices of similar homes in the area; the condition of the home (will it cost you a substantial amount of money to refurbish); has the home been on the market for some time now (the seller may be eager to accept a lower offer); make sure you can afford the offer. The closer your offer is to the asking price, the more likely your offer will be accepted. Offers often get rejected. The real estate agent will negotiate on your behalf.

When families enter into a contract to buy or sell a house, two things are true:

  • The buyer wants to own the home.
  • The seller wants to sell the home.

In order for both these things to take place, the transaction must be completed. That is not an easy task in the current market.  The National Association of Realtors (NAR) released their Existing Homes Sales Report yesterday. In the report, NAR announced that one out of every three contracts to purchase a home in October never made it to a closing table.  How does that ratio stack up against previous numbers? Cancellations have more than quadrupled in the last 14 months!  According to NAR, cancellations are caused by: "declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including home inspections and employment losses."

Having someone who truly knows the market is crucial if you are planning to buy or sell a home. This expert should know what is happening in real estate, understand why it is happening and be able to simply and effectively explain each point to you and your family.  There can be consequences if you don't have a true industry professional on your side.

No one can guarantee you won't face challenges. However, the best agents and mortgage professionals know how to manage the expectations of all the parties involved thus dramatically increasing the chances your deal will close and you and your family will be able to move on with your lives. 

Published Wednesday, November 30, 2011 3:02 AM by Joe Prunty

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February 6, 2018 8:03 AM

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