Financing Your Home - Step #6

10 Steps to Buying a Home In Maine

Financing Your Home - Step #6

Once your offer is accepted, it is time to finalize your financing! Since you got your pre-approval before looking for a home, you are on the right path. Now is the time to take the next step and get your formal loan application started! Your chosen lender will need a copy of the accepted Purchase & Sale contract to set the process in motion. They will also probably need a lot of additional information and documentation from you such as tax returns, copies of your paychecks and information about your debt. It is important to get the requested items to your mortgage officer in a timely manner to keep the mortgage process moving forward.

Your loan officer will verify the information you provided to them at your pre-approval, check your credit report and order the title work and appraisal. It is important to be cautious and not do anything that will change your financial situation until closing. Don't buy a new car, go on a shopping trip with your credit card, skip any scheduled payments or quit your job. A change in your finances can impact your eligibility for the mortgage.

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Negotiating the Deal - Step #5

10 STEPS TO BUYING A HOME IN MAINE

NEGOTIATING THE DEAL - STEP #5

Negotiating every deal is different. Your agent will help you decide the best course of action for each situation depending on lots of factors.


How long has the property been on the market?

Has the price been reduced?

Are there other offers or interest?

What have comparable properties sold for recently?

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Your negotiation strategy will be different if the house is fresh on the market than if it has been listed for a year. If there are multiple offers you will have to be more aggressive than if you were the only interested party.

You might end up with an offer and counter offer several times before you come to an agreement. Don't be discouraged...it is all part of the process. Compromise is usually necessary from both buyer and seller to reach a successful agreement. Rest assured that if you did decide to have a Buyer Agent represent you, they are doing what they can to get the offer accepted...they are working for you!

If your offer isn't accepted on a property, there are more properties being listed every day, so something else will come along!