He adds that buyers should never buy a home based on the assumption that if it doesn’t work out financially, they can just sell it. What if you can’t sell it when you want? Or you, now the owner, are stuck in a buyer’s market, where there are too many homes for sale but not enough buyers? You could end up living in that unaffordable home for longer than you’d anticipated and could end up in financial trouble down the road. Don’t let your emotions take over. Think logically, and think long term. Most of all, get financially prepared ahead of time and know your budget before you begin the home search and home-buying process. This will save you a lot of time, energy, and potential heartache.
HOW TO GAIN AN ADVANTAGE
There’s definitely a fine line between knowing when to fight for the home you want and when to walk away from a difficult sale. The best way to gain an advantage in this type of situation, especially when you aren’t sure what to do, or how to proceed, is to consult your real estate agent. He or she can let you know when a sale can be salvaged, and when it’s not worth it — meaning it’s time to walk away and find something else that will meet your needs and wants without any of the major issues we’ve talked about in this chapter. Now we’re going to move on to discuss the different types of home buyer programs that are available.
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