This week, Dean Marianovic, a colleague of mine, provides advice to buyers and sellers on how to get a pre-approval from either the bank or a mortgage broker. The benefits of getting pre-approved are that it locks you into 120 days of what you're going to do and that it doesn't cost you anything to lock in. Additionally, if you have approvals from a few months ago, you should have those checked again to see what your new approval is. Finally, if you own a home, you are in a great position to get a good rate. Getting a pre-approval is a must-have in today's market, as people are focused on the actual prices, and now that the prices are coming down, they are going to buy at higher values. After getting pre-approved, the next step is finding an agent to represent you on the buy side, and there are often discounts available. The listing agent is the best route, as they represent the seller, the seller's best interests, and what's in the seller's interest. As a buyer, your best interests are to get the best deal and ensure that the house is structurally sound and that it is the best house for you. The most important details in this text are the importance of using a buyer's agent to buy a home and the importance of doing due diligence when making an offer. Having an agent who is working for your best interest is great, and the best part is that it's free and the commissions are all paid out by the seller. The best part about being in today's market is that you can put a home inspection clause in there or a finance condition clause in there, check with your mortgage broker about your mortgage, and do your homework correctly to ensure that if you're not happy with the house, you can leave. Additionally, a pre-listing inspection right or a pre-inspection may be included in the listing, and it is important to be aware of the horror stories of people who have bought in the heat of the market without doing their own home inspection, such as the lady who bought a home from an unregulated auction.