Buyers Should Know:
1. Know your Financing Limits and Options:
a. Get pre-qualified for a loan before you start looking for your new home, know what you can spend, so you know were to start, go in with a pre-approval letter from a direct lender.
b. Each lender is different, programs might be the same, but pricing, points and interest rates are all negotiable. Don't pay to much for your money.
c. If you are not sure ask your realtor, they should be able to help you.
2. The Offer:
a. Before making an offer on a home, buyers should examine recent selling prices of similar homes in the area and discuss with your real estate agent.
3. Homes:
a. Buyers are often not sure of the difference between regular sale, short sale and bank owned (REO)
1. Short Sale; is when a homeowner is in distress and owe more on home than the home is worth. So home owner lists home with an agent to sell the home. This process can take several
months to get approved by the bank. Buyers need to be aware that 1. Lisiting agent knows what they are doing. 2. If price of home is really low for the area,the bank could reject
your offer after several months of waiting for bank approval. (sometimes less is not always good)
2. Standard Sale: a normal lisiting, some homes can be lived in by owners and some are investor homes and some are just second homes, but all in all these homes are going to be offered
at fair market value. Can be a very quick process.
3. Bank Owned Homes (REO): These homes are home that did not sell in the short sale process and went to auction but did not sell there also, so they became bank intventory. These homes
are often priced at fair market value also. Sometimes this also can be a quick process, depends on the bank.
4. Trust your Realtor: Most people do not understand, Who pays the relators comission? In a Short Sale the bank pays all the commission, in a Regular Sale, the seller pays all the commission and
in a Bank Owned property, again the bank pays all the commission. So if you are the buyer, you do not pay the agents comission, so why would you not use a agent to help
you find that prefect home.
To find an agent; you need to feel comfortable with this person, someone that has your best interest in mind. Be confident that they will perform to your expectations
and give you sound, solid advice from experience.
If you have any questions, Please Feel Free to Contact Me, I am here for you.