Are you a cash buyer or do you need financing? If your a cash, good for you. You will still need to make sure you have enough time to make it liquid before closing. I had a buyer who wanted to bring cash in a bag to closing…you can’t do that, put your cash in the bank. If your need a loan you need to see your lender before you start shopping for a home. It is so important to present yourself before the lender get find out what your buying power is…how much house can you buy? How much do you need to buy? Just because you can borrow X dollars doesn’t mean you need spend X dollars. It is important to live within your means. I don’t want to sell you a home and find out all you can afford is peanut butter and ramen noodles.
am i pre-approved or pre-qualified…By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you may or may afford. Know your buying power! When you make your offer many seller request the pre-approval to accompany the offer. Having it in your hand, means making offer that very day. Possibly beating out the other buyer that needs to wait on their letter before presenting their offer. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head. You want to be pre-approved.
where is your money coming from…Buyers ask me all the time, where can I get a home loan? The first thing I say is go to the bank where you have a checking account or savings account? That is the first place to start, but don’t stop there. You need shop your loan for the best loan program and the best rate. Go to your bank, get a quote, go to the local credit union and get a quote, go to another bank get a another quote. Shop them against each other. Show them the pre-approval letters from the other lenders and say, “Give me the best deal you got and beat that quote”. May the best lender win.
how much will my offer be…Before you make an offer on a home, I will do the research on the most recent sales in the last 6 months for like-kind homes. I will show you what other buyers paid for similar homes. I will show you how much sellers cam down off their list price. So you can make an intelligent offer and get it accepted the first go around. You don’t want to bat the ball back and forth so many times you allow that other buyer to sneak in their offer while your countering 4 or 5 times with the seller. Every market is different so let me guide to your next home purchase. Call or text me if you have any questions about this process 813-312-3063.