Fairway Home MortgageA Lending Lakes learning experience

Module 8 of 12 · 20 min

House Hunting & Offers

Separating needs from wants before you fall in love, reading listings like a pro, and the anatomy of an offer that wins without overreaching.

Lesson 1 of 3

Needs vs. wants, on paper

Every house we tour scrambles my priorities. Help?

Classic. The fix: write the list before you tour. Three columns — must-have (dealbreakers), strong-want, and nice-to-have. Commute, bedrooms, and school zone usually belong in column one; quartz countertops do not.

Here's the trick: paint, fixtures, and landscaping are changeable. Location, lot, layout, and light mostly aren't. Weight the permanent stuff.

What if my partner's list disagrees with mine?

Make the lists separately, then merge — the disagreements you find at the kitchen table are much cheaper than the ones you find at the closing table.

Lesson 2 of 3

Reading a listing like a pro

What should I look for beyond the photos?

Days on market (long can mean mispriced — or negotiable), price-change history, property taxes, HOA dues if any, and the age of big-ticket items: roof, furnace, water heater, windows.

Decode the euphemisms too: 'cozy' = small, 'full of potential' = needs work, 'motivated seller' = make an offer. Photos taken at odd angles are hiding something a showing will reveal.

Should I go to showings even for 'maybe' houses?

Early on, yes — every walkthrough calibrates your sense of value in your market. You're building the judgment you'll need when the right one appears.

Lesson 3 of 3

Writing an offer that wins

What's actually in an offer besides the price?

Plenty of levers: your earnest money deposit (good-faith money that shows commitment), contingencies (financing, inspection, appraisal — your exit ramps), the closing timeline, and any seller concessions you request.

A winning offer isn't always the highest — it's the most credible: solid pre-approval, clean reasonable terms, and a timeline that fits the seller's life. Your agent's intel on what this seller wants is gold.

Should I ever waive the inspection to compete?

Think very hard first. Contingencies exist to protect you from expensive surprises. There are competitive strategies that don't involve flying blind — talk them through with your agent before giving up protection.

Knowledge check

No grades, no pressure — just proof to yourself that it stuck.

1. Which of these is hardest to change after you buy?

 

2. Contingencies in an offer are…

 

Finish this module

Answer the knowledge check above, then mark the module complete.

Want a human for the real thing? Talk with the Lending Lakes team.

This course is provided for educational purposes only and is not financial, legal, or tax advice. Completing this course is not a loan application, does not constitute pre-qualification or pre-approval, and does not guarantee loan approval.