I always tell my buyers to never fall in love with a house because we all know what happens when you fall in love. muses Arizona agent Valerie Tourangeau, There is a little dose of reality to contend with .
In a hot, sellers market like we have in Denver right now, the love affair with house hunting wears thin after submitting multiple contracts and losing those bids. It can be tough on the buyer and the agent. Tourangeau offers these thoughts on the process.
After Your Proposal is accepted, can you afford it? Get prequalified! Having proof of financing up front puts you at the top of the sellers list and guarantees that a financial glitch wont spoil the deal.
The Engagement Period: This might just be the longest 10 days of their (and your) lives. says Tourangeau. This is the time to see if what you are buying is worth it. The inspection will bring out your new loves flaws. Can you live with them?
The Final Blessing: The appraisal. During this period I feel the most helpless as a buyer's agent. says Tourangeau, I touch base with the listing agent to see how they will support the appraisal, see if I can assist and then I hope and pray. If the home appraises low in most cases the buyers are forced to walk unless they can come up with additional funds or the seller is willing to reduce the price. Neither is common in our current market but low ball appraisals are.
Buying a house is an important decision and you need to make sure your agent has the expertise and tools to help you buy your home. Think of the home buying process as a courtship and don't fall in love too quickly. Be cautiously optimistic and the right home will be yours.
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