You’ve found your dream home, and you’re ready get pre-approved with a mortgage lender and negotiate an offer. Following this simple checklist can help you become a homeowner with the best terms possible:

Get pre-approved for a loan. Obtaining pre-approval for a mortgage helps you determine your budget. It also shows the seller that you’re serious.

Prioritize your wish list. If you know what you want, you’re more likely to get it. If you can distinguish what you need from what you’d simply like to have, you'll know what’s worth splurging on–and what’s not.

Call in the pros. Learn how to find the right real estate professional. A good broker and real estate attorney can help ensure that you get a good deal. Use their knowledge and objective advice to avoid getting taken by an aggressive seller.

Do your research. An informed offer is made after by asking the following questions:

What are comparable homes in the area selling for?
How long has the home been on market?
Are there any other outstanding bids on the property?
Does the property require expensive repairs?

The answers to these questions will help you determine the true value of the house, and let you know if there is a chance the seller might entertain a lower offer.

Find out what you can about the sellers so you can tailor your offer to their needs and likes. For example, if they must move quickly for personal reasons, they may be willing to discount the price if you’re prepared to help the sale happen quickly.

Don’t be afraid to negotiate. If your first offer is rejected, don’t despair. Many deals require a little back and forth to arrive at terms that are satisfying to both parties.

Stay rational. Don’t let your emotions rule your purse strings. While it can be tempting to fall in love with a particular property, be sure you keep a level head when assessing it and be prepared to walk if your baseline terms aren’t met.

Get a home inspector. Tell the seller your offer it is dependent on an inspection. Then hire an independent inspector to determine if there are any necessary hidden repairs. Many mortgage lenders require an inspection before they issue a loan. If you do uncover needed repairs, you can either ask the seller to cover the costs or negotiate a lower price. Your broker or attorney can generally recommend a qualified inspector.

THE BOTTOM LINE
More goes into making an offer on a home than just looking at the listing price. Carefully assess all the factors listed above to determine how much the home is worth, then negotiate to find a deal that suits both you and the seller.