Hope you are doing great this late February Monday! Buyers beware! Homes in great condition and priced to the market - are getting under contract quickly! To be able to be a contender and take advantage of the low interest rates - buyers must be ready.
Buyer's todo before going to view homes:
- Get Pre-Qualified with a reputable lender. The lender will issue you a commitment letter. You will need this letter to submit an offer.
- Work with your lender to create a worksheet for you. Know your desirable purchase price, type of loan, downpayment, and closing costs required. This will allow you to have a clear picture of how much cash you will need at closing, how much you can ask from seller to contribute and time needed for financing process to close. For example, with USDA loan with zero down you will need minimum 45 days to close.
- Determine the area you like to focus on and drive around to get a good understanding of roads, traffic patterns, access to shops and schools. I suggest to start with Google Maps!
- Receive and review current list of homes for sale from your realtor. NOTE: some listings in popular areas that are priced right receive multiple offers within a day. But since you have done all the home work (see above) you are a great contender to win a bid. Remember, overbidding is possible in a hot market, but the property must appraise to the sales price or above. If the property does not appraise the seller risks to lose contract. The seller should lower the price to the appraised value. Unless there are cash buyers - the seller will face this situation with any conventional buyer.
- MAKE DECISION FAST! Buying in Spring is not the same as buying in November. Now decisions must be made fast and there is no time to "think about it later" on any properly priced and good condition property for sale!
HAPPY SHOPPING! Leeza Morris, Realtor/Broker
