Your first step is to meet with your real estate agent and clearly explain what you want:

• Your price parameters.
• The features you want in your home,
• Targeted neighborhoods
• The 3 features that you will not waver on
• The next 3 features are nice to haves

Compromise will be definitely be involved in your choice of a home no matter how much money you have to spend. It is guaranteed that nothing is perfect. Compromise becomes more significant if 2 of you are buying this home.

You may look at many houses before you find the one you want. You may look at 5, 50 or 100 properties before you find the right one. So, create a spreadsheet of properties that you look at. It is easy to forget what you liked or disliked about the property. Develop a ranking process to evaluate the properties you are seeing.

If you are having trouble finding the right home, you may consider changing your parameters.

• Consider other neighborhoods
• Consider older homes
• Is this a starter home or a forever home?
• Consider a foreclosed home

You find the right property and you want to make an offer. Your realtor should put together comps (comparisons) for you of recent sales in the area to give you a better idea of what the price should be.

Are there restrictions in the neighborhood or building that limit the following: pet ownership, fence height, RV parking on the property, running a business out of the home, etc. Do any of these restrictions cause you any worries?

Determine the actual costs of owning this property. Your realtor can get you the last year’s utility costs from the seller. Property taxes should be stated in the real estate listing. Are there HOA fees? Remember to build in other costs such as maintenance, insurance & other costs of owing a property. Do you plan to do any renovation to the property?

What is the top price you are willing to pay for the property? Remember don’t fall in love with your home. Stick to your financial requirements.

Does your realtor think the property will appraise to the purchase price? Or will it be difficult to get that valuation? Dodd Frank Act has added rules that take undue influence out of the equation.

Work with your realtor to plot out your negotiating strategy. Is it a sellers or buyers market? What is the best way to get the home for the price you have named or less?

When do you want possession of the house?   Do you have a good handle on how much closing costs will be? Upfront points and fees should be less than 3% of the transaction.

Alert your team that you have made an offer and if it is accepted the closing process will move quickly.

Good luck.