The toughest part of buying a house isn't finding the ideal place or locking down financing. It's actually making the offer -- not just the monetary part, mind you, but deciding what to include and what to leave out.

Do you want to offer what the seller is asking, or do you want to offer more? Then again, depending on market conditions, you might want to offer less and see if the seller is willing to bargain.

Beyond that, though, you must decide if you want to protect yourself by making the sale dependent on, say, a satisfactory home inspection, an appraisal, or even your ability to secure a mortgage at a specified rate.

Maybe you want to make the deal contingent on the sale of your current house or your ability to break your lease. You also might want to include something about timing: the closing date or preferred move-in date, for example. And you might consider asking the seller to pay at least a portion of your closing costs.

In real estate, everything is negotiable. Your agent should help you decide how to proceed with these and other decisions. But perhaps the most important consideration for buyers is how you think the seller will respond.

The seller could accept your offer as written -- "the best of all considerations," says Montana broker Kat Palmiotti of eXp Realty -- or they could reject it without blinking an eye.

Most often, though, they will counter with an offer of their own -- maybe at a somewhat higher price than you offered, but changing nothing else. Or perhaps they'll accept your price but change other elements. Even if they change everything, the good news is that by countering your offer, the seller is saying they are willing to bargain.

On the flip side, though, if there is too much back-and-forth, the deal can get bogged down until it simply dissolves without any kind of resolution. Or, while you and the seller are trading proposals, another buyer can swoop in with a better offer and take the house out from under you.

Parrying with a seller is "part of the game people play" in real estate, says retired agent Carol Williams in Wenatchee, Washington. "But it's not without risk."

Some agents, like Doug Dawes of Keller Williams Realty in Topsfield, Massachusetts, believe that there can never be too many counteroffers. After all, another counter means there may still be some wiggle room.

Donald Payne of Vision Realty in Columbus, Ohio, tells his clients, "Never let a contract die unless it's simply ridiculous."

But negotiations sometimes go awry. One time, Anna Kruchten of the Phoenix Property Shoppe was up to six counteroffers when the seller became so frustrated that he started crossing out more items in the buyer's latest offer than he had in previous ones. The buyer walked, and the "hardheaded" seller waited "quite some time" before he found another buyer.

Chuck Willman of Utah Homes in Alpine can top that, though. He has seen 14 counteroffers -- a battle that ended with just $1,500 separating the parties on a $1.1 million transaction and neither side willing to budge any further. The buyer and seller were both so angry, Willman recalls, that they wouldn't even accept an agent's offer to make up the difference out of his commission.

"It was probably for the better," he says. "The two parties had such resentment that an accepted offer would have been just the first of many disagreements."

Mike McCann, a Nebraska farmland broker, once worked with a buyer who insisted on countering "despite my warnings." And sure enough, a stronger offer came in, and the buyer lost out. "That was an expensive lesson," he says.

Some buyers sit on a counteroffer from the seller, whether to decide how to proceed or to put a little extra pressure on the seller. But in doing so, warns Amanda Davidson of eXp Realty in Alexandria, Virginia, they put themselves in jeopardy of losing the deal.

Losing the deal while bargaining with the seller happens more often than you might think.

"Time opens the opportunity for another buyer to tour the home and write an offer," says Willman. "The odds of you being the only buyers ... interested in the home are low -- nonexistent, in some markets."

And it works the same way with sellers. "I often tell sellers not to sit on an offer, as a buyer might very well move on to another property," says Nina Hollander of Coldwell Banker in Charlotte, North Carolina.

Buyers and sellers alike should rely on their agents' expertise as they guide them through negotiations. And as you go through the process, keep your emotions in check. Remember, the house you are buying or selling is still essentially a product, and the goal is to come to an agreement that both sides can live with.

To protect yourself, though, make sure there is no confusion about what you are agreeing to. Read all the clauses in the contract carefully before you initial them. And if you've gone back and forth several times, consider rewriting the agreement into a brand-new, clean contract.

No one should deny anyone an equal shot at the American dream. A leg up may even be warranted.

But should people who have worked hard to build decent credit and squirrel away funds for a down payment pay a little higher mortgage rate -- all to help secure a lower rate for those who haven't done the same?

That's what some in the mortgage industry say will happen with the new government loan-level pricing adjustment requirements.

The new pricing structure has been partially in effect as of May 1, after having been postponed once before. Additional rules are set to take effect Aug. 1. But shifting deadlines haven't stopped the issue from becoming something of a political football.

Two Republican lawmakers have introduced separate bills, one with more than 30 GOP co-sponsors, to cancel the new pricing structure. And fiscal officers from 27 state governments have asked President Joe Biden and Federal Housing Finance Agency Director Sandra Thompson to scrap it.

But Thompson says their reading of the new pricing structure is off base. In an unusual statement aimed at "setting the record straight," the FHFA director says the notion that borrowers with higher credit scores will be charged more to subsidize those with lower scores is just plain wrong.

"Much of what has been reported advances a fundamental misunderstanding about the fees charged by the Enterprises, and why they were updated," Thompson said in her statement. ("The Enterprises" are Fannie Mae and Freddie Mac, the two government-sponsored entities, or GSEs, that purchase mortgages from Main Street lenders.)

Thompson explained that the new pricing is intended to bolster the safety and soundness of Fannie and Freddie, which have been under conservatorship since they flirted with failure almost 15 years ago during the Great Recession. Noting GSE pricing hasn't been updated for "many years," she also said the new structure will "more accurately align" prices with the risks associated with the loans purchased by the entities.

But Thompson went further, adding that the new pricing will "better ensure the Enterprises fulfill their statutory missions." That includes supporting low- and moderate-income families.

And that is where the misconceptions arise.

"Higher-credit-score borrowers are not being charged more so that lower-credit-score borrowers can pay less," she said. She points out that lower upfront fees for borrowers with lower incomes -- not lower credit scores -- are supported primarily by higher fees on loans for second homes and refinances, not on conventional loans for the purchase of primary residences.

But John Meussner of Mason-McDuffie Mortgage in Fair Oaks, California, is one lender who sees it differently. He thinks the new pricing structure is an "outrage."

"Personally, I'm all for giving price breaks to people with lower credit and lower down payments," McDuffie posted on the ActiveRain real estate site. "My concern is that those 'price breaks' are being subsidized by charging those with excellent credit and money to put down additional fees."

Dorie Dillard, a Coldwell Banker agent in Austin, Texas, also questioned the new fee schedule, calling it "absolutely unfair." Instead of being rewarded for fiscal responsibly, she griped, some borrowers "are (being) penalized!"

Rob Spinosa of Guaranteed Rate in Marin County, California, has a different view, though. While it will be less expensive for some borrowers and more expensive for others, he is certain that there will be "zero" chance that a bad-credit borrower will get a better rate than one with good credit.

Others question the workability of the new pricing system. Mortgage Bankers Association President Robert Broeksmit says the change would be a nightmare for both lenders and their customers -- creating operational and compliance challenges for lenders while leading to "a frustrating and confusing experience" for borrowers.

Say, for example, you apply for a loan at a certain rate and are approved by a lender. But before you reach the settlement table, your lender says your rate will have to increase a bit because the insurance premium on the house you're buying came in higher than anticipated, which raised your debt-to-income ratio.

Or maybe your income took a bit of a hit when your employer cut you back from five days a week to four. You still earn enough to qualify, but because your DTI ratio is now higher, you'll have to accept a higher rate than you were originally quoted.

"A borrower's income and expenses can change multiple times throughout the loan application and underwriting process," Broeksmit warns. "The resulting fluctuations in DTI could result in multiple changes to a borrower's loan pricing in the period between application and closing."

Todd LaBorwit of Topaz Mortgage in the Washington, D.C., region says he's bewildered by the new pricing -- so much so that he hasn't a clue how to advise his clients. "I don't know what to do," he told me. "I've never seen anything like it in my life."

Thompson of the FHFA says the new pricing framework does not encourage a borrower to make a lower down payment to benefit from lower fees. She also says some updated fees are higher and some are lower, but that they don't represent pure decreases for high-risk borrowers or pure increases for low-risk borrowers. Many borrowers with high credit scores and/or large down payments will see their fees decrease or remain flat, she promises.

David Stevens, a former Federal Housing Administration official and previous leader of the MBA, says that he's opposed to the changes because he fears Fannie Mae and Freddie Mac are being politicized -- "whipsawing" the GSEs based on whichever party is in power.

But in the end, Stevens believes, "borrowers really won't know the difference in any significant way."

"REGAL HOME: VIP residence with parkside charm. Remodeled, stone-pillared colonial on 18 acres, first-owner pride, 18 fireplaces, master suite, modern kitchen, 12 BR/12 baths, pantry, finished basement, swimming pool. Near bus. Fencing, formal dining rooms, garden, wood paneling, balcony, servants' quarters. FHA-VA $30 million."

If there's anything most real estate agents dread -- and that most don't do very well -- it's writing the descriptive, narrative ads for the houses they list. The description above, in case you haven't guessed, is for the White House, and it was written by a computer in the 1980s for a company called AdWriter. It may not be particularly scintillating, but it did the trick.

Some realty pros have a knack for writing these narratives, no doubt. But for many, the task looms with all the charm of a final exam -- even though telling the property's story in an enticing manner is perhaps the most important aspect of adding the house to the local multiple listing service, where most buyers start their search.

But there is hope.

AdWriter is still around, writing copy for about a dozen companies. But "it was built for print," says Ken Douthit, son of company founder Harold Douthit, and newspaper advertising isn't what it used to be.

But other outfits have come around that offer a little more panache.

Restb.ai is the latest in a string of artificial intelligence-powered technologies that have launched recently, all aimed at helping agents automate time-consuming tasks like writing property narratives.

For a sample, here's the beginning of Restb.ai's 335-word description for the presidential mansion: "This stunning neoclassical-style building features a striking white exterior adorned with grand columns and intricate detailing. The White House comprises 132 rooms, including 35 bathrooms, spread across six levels, providing a mix of formal and informal spaces to cater to the diverse functions of the presidential office."

Among the new AI offerings, there are chatbots such as ChatGPT from OpenAI, Google's Bard and Microsoft's Bing. All work a little differently, and all leave something to be desired. At best, they may require the agent to tweak the results, and at worst, what they spit out is not worth the few seconds it takes to read.

AI is a "very powerful tool as far as being creative," says Tony McGrory of the PTG Group. "But there are a number of downside risks."

One is accuracy -- or lack thereof. For example, ChatGPT says I wrote a book, which I didn't. Even worse, I must be typing this from the Great Beyond because it also says, "Sadly, Lew Sichelman passed away in 2019." It is hot here, but I assure you that the column you are reading was not written by a machine. (Thanks for the "sadly," though.)

Back to real estate: While some descriptions may be "plausible," McGrory told me, "they can have only an element of truth. If the information isn't verified, you can very quickly transmit misinformation."

The product "has to be absolutely verified," agrees Long and Foster agent Hill Slowinski in Maryland, who uses ChatGPT and says he is satisfied with the program. "I had to put a lot into (the narratives) to customize them," he told me. "But it gives me a logical outline, and pointed out some things I hadn't thought about."

ChatGPT responds to questions, prompts and a list of agent-provided features. Within seconds, it culls vast amounts of data from the internet, books and articles, then produces listing descriptions.

Restb.ai, on the other hand, is not a bot, at least not in the true sense of the word, Chief Product Officer Nathan Brannen explained to me. It doesn't chat, either.

Rather, it uses computer vision to scan photos submitted by the listing agent. It extracts details from the images, along with information from data providers like CoreLogic, Black Knight and public sources such as tax records and school districts. The technology then writes a complete description that automatically populates the agent's particular MLS platform.

The program can identify more than 300 features, taking the description far beyond the details in a typical listing, and it can spin out write-ups in more than 50 languages. Agents can even select different styles or tones -- whimsical, for example, or simple and straightforward.

If there is a drawback, it seems that the program doesn't know when to stop. At my request, Restb.ai produced descriptions of eight famous houses -- including the Hearst Castle in San Simeon, California; the Frank Lloyd Wright masterpiece Fallingwater in Mill Run, Pennsylvania; and Graceland in Memphis -- and all were multiple paragraphs long.

But Brannen says the write-ups are wordy only because these properties are upscale and famous. Narratives about regular places like yours and mine wouldn't be as verbose, he promises. Moreover, the technology can write to any word count an agent desires.

And what about mistakes? "We've done a lot to reduce errors," the Restb.ai spokesman told me. "I won't say it's not possible, but if there are errors, it's likely because the data is drawn from public records."

Of course, as with all these technologies, agents can either publish the generated stories as-is or use them as a starting point for their own text. But the whole idea is to help agents do something better while saving them time.