Run Don't Walk! 5 Things to Do When You Find a House You Love

Sometimes, you just know. Perhaps it's the location, the layout of the home, the backyard, or more likely a combination of many factors. But when you know that a home is the one, it's time to get serious about buying a house you love. Before you can make a competitive offer, it pays to be prepared. That's why you should do these five things when you find a house that you love.

1. Arrange a Showing to See the Home Firsthand
   With detailed listings, neighborhood guides, property photographs, and more, it's easy to fall in love with a house online. But there's still no substitute for a full tour. If possible, arrange a showing so that you can tour the home in person before you get serious about making an offer. If a showing isn't possible, see if there is a virtual tour or virtual open house available. Getting as much information as possible is critical when buying a home.
2. Make Sure That Your Finances Are in Order
   Buying a house is so much easier when you prepare your finances in advance, and that starts with your credit score. In the past, you could request a free credit report from the three major credit bureaus annually, and use what you learn to improve your score. However, due to the impact of COVID-19, the three major credit bureaus, Experian, Equifax, and TransUnion, are now offering free credit reports to all Americans on a weekly basis through April 2021 so you can protect your financial health. These free credit reports will be available on www.annualcreditreport.com.
   
   Pay off old debts, and avoid opening new lines of credit before securing a mortgage and buying a house. Save as much as possible for your down payment, to increase the appeal of your offer and keep mortgage payments as low as possible.
3. Develop a Competitive Offer
   Once you've gotten an up-close impression and decided that this home is the one, it's time to create an offer that catches the seller's attention. Having pre-approval for a mortgage, or better yet, being fully underwritten upfront – is a must for buying a house. Beyond that, in a competitive market, you will want to make a serious offer that comes close to the buyer's asking price, as long as the asking price is reasonable for the current market. A low-ball offer is likely to be ignored and may cause the seller to take you out of the bidding entirely.
4. Request a Home Inspection to Identify Underlying Issues
   No matter how much you love a property, you should always have it inspected before buying a house. The inspection may reveal hidden maintenance issues that need to be addressed, and the cost of repairs will have an impact on your final offer. In extreme cases, an inspection can uncover serious issues that may make you reconsider buying a house, but typically the cost of repairs can be covered in negotiations.
5. Consider a Personal Touch to Supplement Your Bid
   While the financial nuts and bolts of your offer have the most significant influence when buying a house, some sellers are also looking for a buyer who truly loves the home and will work to improve it. Sending a personal letter to let the seller know exactly why you love the house and how it fits your family can help tilt the competition in your favor.

Every negotiation is unique when buying a house, but taking the right steps after falling in love is key to landing your dream home. Learn as much as you can about the property; make sure your finances are in order and make an offer that separates you from other buyers.

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