Be Real

Be Real When Buying and Selling Real EstateThere are so many variables in real estate. What can you afford, how big a home you need, what is actually available in the area you desire, and what kind of hoops you have to jump through or are willing to jump through to get what you need.
This is why you really need to do your homework before you go out looking. You need to get some hard and fast numbers in hand, analyze real data and know your limits. Otherwise you are setting yourself up for some real disappointment. If all you can afford is a $500,000 home, you probably won’t be able to get something that is valued at $700,000. If you need five bedrooms, you may not be able to find one that has all five on one level if you also want a single level home. If you have some credit issues, you probably won’t be able to get the best interest rate.
You need to be honest with yourself about the realities of the current housing market. You probably don’t have a lot of options as a buyer in the lower end of the price range, so be prepared to compromise or be prepared to be disappointed. If you are a seller and overprice your home now, be prepared to have your home sit on the market longer than homes priced at market value, even in today’s hot seller’s market. Nothing is wrong with hoping, trying and thinking positive, but it may not get you all the way there.
So be real. That way you are more likely to get the real results you want.

Get Your Offer Accepted

Acccepted OfferIf you are currently looking to buy a home and have made some offers on properties, you have probably run into other folks wanting the same home and have had to deal with a multiple offer situation. So how do you get your offer accepted over another? There are a couple things you can do to give yourself an edge whether or not you are in multiple offer situation.

Make sure you do your research and make a reasonable offer based on comparable home sales in the area. You do not want to instantly turn off a seller, especially one who may have their home reasonably priced, by making a low offer. Low offers may have worked in the past, but not so much anymore.

Have a pre-approval from a direct lender handy and all required financial information ready to go and include with the offer.  You will look serious, prepared and well-qualified.

Include an introductory letter to the seller consisting of just a paragraph or two. This will help create a connection between you and the seller, and again, show motivation.

Make sure you respond quickly to any questions or counter-offer from the seller.

In your offer, try not to ask for too much from the seller. try to make it as clean as possible. If feasible, your agent can contact the seller’s agent ahead of time to see what kind of terms the seller may require and that may help them accept your offer. Do they need a quick close? Do they need a longer escrow? Do they need to rent back after closing?  Try to give the seller what they want in terms if you can’t get close enough in price.

Have your agent prepare a complete and clean offer. There are a lot of forms required with a purchase agreement. If it is complete and well-presented, it reflects well on you as buyers and on the agent.

An escrow can be a hard process. A seller wants to know you won’t back out for just any reason. They want to know you are motivated and will hang in there and will be reasonable to work with. Give them that impression, and you will get your offer accepted.

Are You Really Ready to Buy a Home?

Home BuyerAre you really ready to buy a home? You are probably ready to look at homes on line or pick out carpet or paint color, but are you ready to make an actual offer on a home?

If you have not spoken with a lender and have had them qualify or approve you for a loan, then you are not really ready. In this changing real estate market where desirable homes are receiving multiple offers and are selling in a week or less, you need to be able to move quickly! It would be heartbreaking to see your dream home come available and then see it go off the market in 3 days because you did not have a pre-approval letter in hand.

A lender can tell you how much home you can qualify for and give you options to achieve your goals. A lender can put that pre-approval letter in you hand that gets you that much closer to the home you desire. Without that letter, you might as well not make an offer. A seller will not even consider your offer without it.

A seller and their agent will also want to see your proof of funds that shows you actually have the money in hand to buy the home. They will also want to see your FICO scores. A lender will run your credit and provide you with your FICO score.A lender can educate you about your financing options and help you make a good decision.

Speaking with a good lender is a painless experience and is hugely beneficial as you begin the home shopping process. It gives you peace of mind and confidence knowing you can afford the home you are looking at. Call me for some referrals or go to my links page.