Posts with tag 'Pre-Approval'

Often when people begin to look for homes they do not consider mobile homes (also referred to as manufactured homes).  Maybe it's because they don't have enough room, are often in large parks, or maybe mobile homes were the subject of too many Jeff Foxworthy jokes to be taken seriously.  For whatever reason often first time home buyers do not consider them.  While, I will grant you that often, a mobile home is not a forever home for most people, it can be a good option for those buyers that are just starting out.  They are usually very affordable, and can help you build some equity.

There are a few things to bear in mind though if your going to look for a mobile home.

First, the famous Dave Ramsey line, "Cash is King," could not possibly be more fitting in the case of mobile homes.  Many mortgage lenders including a lot of banks do not want to take these on.  The reason for this is because they are not on a fixed foundation, which makes them subject to property...

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In the highly competitive seller's market we are currently in buyers are looking for any edge they can get.  Some buyers are choosing to waive the right to have the property inspected.  This leaves other buyers very nervous.  They want to compete.  They want the home.  But, is this the wise thing to do?

This is a complicated answer.  First, removing inspections has a level of risk.  The question becomes: how much risk are you willing to take?  I can never recommend to a buyer that they waive the right to these inspections. (I just don't think it is a good idea with this large of an investment.) However, there are some times that a calculated risk is not a bad thing.  If you, or someone you know is a good DIY person it could work.

Second, sellers are required by law to reveal any KNOWN defect in the property.  To assist this process sellers will complete a Seller's Property Disclosure.  In this disclosure we can find out details ab...

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"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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