Purchasing real estate is a big move for most people. Most buyers are slammed fast with all the to do’s by Realtors, Title Companies, and Lenders. The process is works best when spread out over the first 15 to 20 days to reach that closing time frame of under 30 days.
Can the process be completed in under 15 days and closed? There is that possibility and in fact it does happen more than you would think, especially when everyone is on top of their game including the buyer.
Most home purchases include these following standard inspections:
Am I Ready to Buy
Many people wonder when is a good time to get married or have kids. That’s a bit different to asking “am I ready to buyer a home? The fact is we all need a place to live, whether you’re are still home with mom or she’s now living with you.
The main drivers behind buying a home is need and desire. The combination of these do go hand in hand. You can have need but without the desire to purchase one you not going to get yourself ready.
How do you know when you are ready. Continue reading
Property surveys for your new home purchase provides much need information about the property you are about to close on. There are many good reasons to have a survey completed which include but not limited to:
- boundary lines
- and well location.
Additional Continue reading
I have worked with a lot of people in the mortgage industry with different credit scores. I have worked to help many people from all different walks of life to get into a new home. Some have been extremely grateful while others complained through every step of the process. While we are all different in nature, we are supposed to treat everyone the same.
So why are some people happy while others seem to always be upset. I have thought about this many times and it’s very easy to think it’s about the money. Whoever has more is happier, right? Not really, Continue reading
Every week we hear the same thing, “I want to get prequalified but I do not want you to pull my credit because it will lower my credit score.” This is most often followed by “What are your rates?”
Let’s first of all, get the rate question out of the way. Continue reading
Out of control
What are you talking about? Who are they? Where did they get my information? How can they do that? This is all out of control!
We still hear this all too often how many people’s information miraculously appears in the hands of collection companies without their knowledge.
The worst offender is the Continue reading
But, It’s My Money
There is no doubt that most of us work hard for every dollar we earn. Not everyone has inherited a million dollars. But no matter how we get our money, we must prove that it’s yours if you want to use it purchase a home with a mortgage loan.
There are a few major rules when it comes to mortgage loans when purchasing real estate for residential use. Continue reading
Understanding Your Position
Hearing bits and pieces from different people about mortgage loans doesn’t make you an expert or entitle you to obtain a loan. No one likes or wants to be denied and being denied could cost you thousands for dollars.
Getting a clean and detailed pre-qualification is extremely important, prior to entering into a purchase and sales agreement. Under RESPA a Realtor has no right to demand or force you to get pre-qualified by one of their preferred lenders. Unfortunately, there is really no-one going to enforce those laws. The CFPB will only go after the big companies and those creating multiple infractions. Understand that no lender wants to mess with the CFPB however there are a lot of Realtors who believe it won’t happen to them; they believe no-one will ever know.
Getting pre-qualified is actually for your benefit
- It will first help guide you to stay within your budget.
- It helps give the Realtor more negotiating power on your behalf.
Your choice of lender should always be yours just as work to find the right Realtor to handle your best interest. Most often buyers make the mistake in going directly to the listing Realtor. You need to think about who’s best interest the Realtor has in mind before proceeding with an offer. Remember the Realtor is a sales person not your attorney.
With your pre-qualification in hand, ask your loan originator what will be all of the expectations and process for you to get your loan fully approved and funded. Make sure you understand the process and the conditions you could be facing prior to putting down a large earnest deposit. Today’s real estate contracts can be slated and if not handled correctly with proper communication your earnest deposit money could become that of the sellers and Realtors very fast.
Generally, in most real estate listing agreements, the listing agent has a clause that allows them to keep 50% of the earnest deposit money. This money is then split with the selling Realtor, yes your Realtor. So be cautious about how much money you really want to secure the property with when signing the purchase and sales agreement. One mistake or unforeseen condition with your loan process could have you losing thousands of dollars and while the Realtors still get paid.
Contact us, get your facts, know the whole truth, understand the process and the conditions you will face and we will see you at a happy closing table.
Every year we enjoy a great weekend at the end of May. We spend time with family around the pool and most certainly have the BBQ going for all to enjoy a great meal. Many of you will spend time at the beach soaking up some sun, having a festive time or simply relaxing.
I hope that at one point in this weekend where ever you are; we all take a moment to pause and remember we could not enjoy this time without many of our Soldiers or Marines at one time or another hitting the beaches under heavy gun fire. Many of these men paid the ultimate price for us to be free, to enjoy such privileges. Remember them and I hope you all have a safe and happy Memorial Day weekend!
Being a Responsive Consumer
Our office is structured so that all calls or emails get returned by the end of the business day. The office is set up with coverage from 8:30am until 7pm and we also have staff on call after hours and on the weekends. We know how important it is for the consumer as well as the Realtors to have access to us. We understand the importance of the time frames in your purchase and sales agreements. We only wish you did too.
In order for you as a buyer and your Realtor to be competitive in the market it’s important to Continue reading