• Set your emotions aside during the negotiation process. Remember it’s a professional business transaction and nothing personal.
Step #11: Be Prepared
It’s not over till it’s over. Your new home isn’t technically yours until the closing process is fully complete. Sometimes the deal can suddenly fall apart at the last minute. While this isn’t common, it can still happen, and you should be prepared for this possibility. Some examples include last-minute home inspections gone wrong, a low home appraisal, or inability to obtain appropriate financing. Keep your emotions in check until the closing process is fully closed. But being prepared and informed can make sure you’ve got the bases covered and you’re not left in such a disappointing situation. • Poor home inspection: If major damage is revealed during the inspection, the deal could be called off. • Low home appraisal: This can complicate—or even jeopardize—a transaction. If the appraisal comes in below the agreed-upon purchase price, the lender may not approve the originally requested loan amount because the loan-to-value ratio is based on the appraised value. As a result, the buyer may need to renegotiate the price, challenge the appraisal, adjust loan terms, or increase their down payment to make up the difference created by the lower appraisal. • Financing: This can easily be avoided by ensuring you are financially prepared to buy a new home, which includes knowing your budget, understanding how much you can
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