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Negotiating Tips for Homebuyers
By Tara-Nicholle Nelson | Published: 11/01/2007
Be sure you're comfortable with the monthly costs before you make the final decision to buy a home.
7) CRUNCH THE NUMBERS
Before you finalize your decision about how much to offer, have your mortgage broker run a monthly payment on your offer price, and estimate your property taxes and insurance. Often, buyers inch up in price during the house hunt and in the course of formulating their offer, so it's important to have a final check on the exact monthly and annual obligations you will incur if your offer is accepted. Also, if you're seriously debating between offering two different prices, and are having a hard time making the decision, ask your mortgage professional to run the payment, taxes and insurance on both of the prices you're considering. You might be surprised at how small (or large) an impact a $5,000, $10,000, or $50,000 difference in purchase price has on your ongoing payments, and it may help ease your decision making between the two amounts you are thinking about offering.
Before you finalize your decision about how much to offer, have your mortgage broker run a monthly payment on your offer price, and estimate your property taxes and insurance. Often, buyers inch up in price during the house hunt and in the course of formulating their offer, so it's important to have a final check on the exact monthly and annual obligations you will incur if your offer is accepted. Also, if you're seriously debating between offering two different prices, and are having a hard time making the decision, ask your mortgage professional to run the payment, taxes and insurance on both of the prices you're considering. You might be surprised at how small (or large) an impact a $5,000, $10,000, or $50,000 difference in purchase price has on your ongoing payments, and it may help ease your decision making between the two amounts you are thinking about offering.
<< #6: Make Your Realtor Work for It I #1: Be Quick on the Uptake >>
GO TO: Part 1: Evaluate Your Life and Finances
GO TO: Part 2: Shop for a Loan
GO TO: Part 3: Find a House
GO TO: Part 4: Close the Deal
GO TO: First-Time Homebuyer's Guide
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