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How to Get the Best Deal on a Home

If you have found that dream house, then odds are you will do whatever you can do to get it. Of course you would. But you want to do it smart. How would you go about getting that home without digging yourself into a hole you might not get out of? Here are some tips on how to maximize your funds when it comes to getting that house. Follow these tips and you won't be getting yourself into any holes.

Don't Be Pushed Around By a Seller

  • Stay up to date

The best thing you can do is know the market. You do not want to overpay for a house. So make sure you pay attention to how much other houses are being sold for. Also you want to know when the best time to buy is, because the market is always changing. The last thing you want to have happen is to buy a house, and then see the market drop a lot the next week. So look for trends.

  • Manage your offers

When you make your first offer, do not go all out. If there is a lot of competition then you can make a large offer, but in general you should have enough room for a second offer. That way if they counter, then you can have money left. If you max out your offer right away, and they ask for more you are in trouble. So know what you can afford, then go about the bidding the right way.

  • Watch out for seller mind games

What you see is what you should judge. Do not let anyone try to justify any wrongs there may be with the home. If something needs to be fixed then let them know. You can not be stuck with a problem that arose before you bought the home. Also do not let them try to talk up some beat up old shanty. You are the one who is paying, so it should be all up to you.

  • Have a backup plan

You may not get the house you want the first time. But make sure this does not cripple you. You need to have a second plan in case the first one falls through. The worst thing that can happen is you are left out on the street. So make sure you have a plan that you can enact, in case the first plan does not turn up as well as you had thought it would.

Your House, Your Rules

If they really want you to pay your money for this house, then they will meet you on your demands. Make sure you are in charge and getting the best deal for you, because you do not want to throw your money around. If you stick to your guns and make sure you follow your list, then everything will work out great. You will be in your home sooner than you think.

National Rate Averages

Mortgage Rates

Product Rate
5/1 yr ARM 3.147%
1 yr ARM 3.299%
15 yr fixed 3.221%
30 yr fixed 3.815%

Home Equity Rates

* Updated Jun 7, 2012