Posts with tag 'Buyers'

"It's better to ask 50 questions and look at 5 houses, than ask 5 questions and look at 50 houses."

The quote above is from a mentor I meet with to talk about business planning and real estate.  It was one of the things that really stood out to me in our recent conversation.  Our current real estate market is not very buyer friendly at the moment.  But, you can still find the house you want with some diligent work up front.  Part of this upfront work is understanding your needs and goals as a home buyer.  What are you looking for?  Why are those things important?  What are your goals?  

I understand that this may seem like a rather tedious process.  However, the more I know about what it is you are looking for the faster we can get you to that house that you are looking for.  In a hot seller market where every moment counts for you as a buyer knowing exactly what you are looking for will help us get to that home quickly...

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You have been looking for a few weeks or more for your perfect home and you found it!  You have been pre-approved and your mortgage requires you to put 10% down.  You are excited about writing up your contract, but now your agent has put a one page form with a bunch of other fees you will need to pay.  What are they all?

This can be confusing and seem a little overwhelming when you first look at it.  The closing costs are the fees that the lender has charged to process the loan, the title/settlement company fees, inspections, and lender escrow requirements, and they are seperate from the down payment.

Some basic examples are below.

Title Charges:  Wire Transfer Fee, Notary Fee, Closing Protection Letter, Deed Recording may vary by county, Mortgage Recording, Title Endorsements (usually 3 on a residential property).  Title Insurance, Broker Fees.

Lender Fees:  Mortgage Origination and Underwriting Fees, Credit Report, Appraisal, Esc...

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In this market many buyers are finding the home they want, only to discover there are already two, three, or sometimes more offers on the table.  So, what can you do?  You love the home, and you want to make an offer that will win?  What can you do to make your offer stand out?

PUT YOUR BEST OFFER ON THE TABLE

This may seem simple.  However, many buyers will make a lower offer than they are willing to pay in hopes of receiving a counter-offer from the seller. This is done with the intention of "meeting in the middle" on the final agreed upon price. When there are multiple offers on the table this will not work.  In this case, most sellers will not counter anyone they will take the best initial offer on the table.  You cannot anticipate a counter-offer.

USE A CONVENTIONAL LOAN

 If you are pre-qualified with a govern...

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If you are reading this, you might be someone who was thinking of buying a home in the new year.  You began to browse listings, maybe even found a few that you liked.  Perhaps, you took the step of calling the agent, only to discover that after only one or two days on the market the home had multiple offers, and was already under contract.

You continue to browse, and you see this phenomen happen time and time again.  "Well, I guess I'll just wait for another time," you say to yourself.

It is definetly a reality of the current housing market that things are moving fast, and if you hesitate, even for a day, someone else will jump in ahead of you.

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