The purpose of this article is to help you take the proper steps when buying a home. Buying a home in this market requires taking steps before hand. Competition for homes has grown dramatically. Without taking the proper precautions, it is possible you could lose that dream house you were after. Here, in this article, I will describe to you the things that you should strongly consider doing prior to buying that house. If you follow my suggestions, you will have an edge over everyone else seeking to buy a home. Your competition will be at a disadvantage!
I am a licensed Realtor GRI working here in Charlotte County Florida. My testament to the climate of the market is confined primarily to this area. Although many of the things I am going to recommend to you may be valid across the nation, I can only speak about the market environment here. Every day, I pound the market on behalf of my clients. I have come up with a basic list of things that a potential buyer should strongly consider doing to give them an edge.
Here is what I urge you to do and why! When you find a home and are doing a contract to purchase that home, your Realtor is going to need at a bare minimum, (unless you are paying cash) a letter of pre-qualification from your lending institution to accompany the contract. That pre-qualification letter in most cases is required by the seller. It is a very basic testament from the lending institution that you "most likely" will be "qualified" for a loan. Notice I said "most likely"! It is not a guarantee that you will be provided a loan! They just simply do a down and dirty credit check along with a few other things and hand you a letter. The stark reality of this is that many people wind up not being qualified for the loan.The other reality is that related to timeliness! Timeliness is the major concern for most people. Most people do wind up being qualified for a loan. So what is the big deal about timeliness? What do I mean? How can timing cause me to lose a home I wanted to buy? How can poor timing of a loan through underwriting cost me money?
You need to get a "Certified Loan"! Some people would refer to it as a "Qualified Loan". I prefer to use the term "Certified Loan". So what does a certified loan do for you? What exactly is it? Quite simply put, a certified loan gives you a letter of commitment from the lending institution stating that you are qualified for a loan and that they will give you a loan. Moreover, you have gone through the ENTIRE loan approval process and there is nothing left to do on your part except find a house! In the eyes of the seller it trumps a pre-qualification letter by a thousand times over. The seller will accept an offer from someone who has a letter of commitment and a certified loan long before someone who is only armed with a pre-qualification letter,( which just basically checks your credit). By going through the entire loan process, you will be ready! The bank will have the money set aside for you. You will know how much money you will have to spend and what price range you need to be in. By going through the entire loan process you no longer need to worry as to whether or not your loan will be completed on time or within the time frame mandated in your contract for the closing date! Your stress level will be minimal and the home buying processes a more enjoyable one.
Let's suppose you go after a foreclosure! Also, we will pretend that you were fortunate and landed an accepted contract while only using a pre-qualification letter. That contract has a closing date. Moreover, all foreclosures I have been involved with have this nice little clause in the contract. The clause pretty much states that if you, the buyer are not ready to pay the entire amount at closing then you will be fined 100 dollars per day until you close! Yep, that's right! I said you will be responsible for paying 100 dollars per day if your loan is not ready. So here in lies the timing of it all. You did not have a letter of commitment, certified loan or a qualified loan. All you had was a pre-qualification letter. You did not go through the entire loan process beforehand. Now, you have an accepted contract and now you must go through the entire loan process. Are you going to be done on time? Are you going to be qualified for the loan? If these things don't happen on time you are liable. They can fine you a hundred dollars a day and go after your escrow deposit. Right now in our area, sales are going off like bottle rockets. The banks are behind due to high volume. In addition, many of the loans are through FHA and an appraisal is required. The number of appraisers to go around is not enough to keep up with demand. Many appraisals are not done and completed as fast as you would like them ฝากขายที่ดิน to be. I have seen some take as long as three weeks! These delays and worries all spell stress and frustration!
So do yourself a favor! First, find a good Realtor...hopefully me! Then go out and get yourself a loan. Go through the entire loan process and find out what you will be qualified for. Get a letter of commitment! Armed with that you will be ready!
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