Posts Tagged ‘pre-approval’

It all starts with making the offer

I love doing open houses and meeting those looking for their first home, their next home.

Each has their expectations at what their next home will look like – where it will be, what things they just must have, how much they can afford or much they will spend

The one question that always amazes me – “Is there room for negotiation?”

A reminder to all buyers – “The first step in purchasing or selling Massachusetts residential real estate is the presentation and acceptance of an Offer To Purchase.”    Once a seller has a”written” offer then they have 3 options before them – 1) accept   2) negotiate different price/terms   3) reject

No seller or their realtor will discuss anything about negotiation without this “written offer” in place.

A reminder that an offer should include a pre-approval (for those needing a loan) or proof of funds (for those paying cash) as well as deposit monies (usually $500/$1000) to show that you are earnest in your offer and any other required paperwork for that property,  The deposit monies will not be cashed until the offer has been fully negotiated and accepted by the seller,

So just as I said from the beginning –  It all starts with the offer.  If you want that property, make that offer or you might never own it,

If you need help with making that offer or putting your home on the market to move into the next stage of your life – give me a call,  It is always an honor to serve my clients –

Joan Parcewski, Realtor & Notary     Joan@woodsre.com    C 978-376-3978   http://www.JoanParcewski.com

Remax Real Estate Group (The Woods Team)  655  Boston Rd  Billerica  O 978-262-9665

8 Things to Know About Buying A Home Today – Reprint from Inman News (Lowes)

http://seg.sharethis.com/getSegment.php?purl=http%3A%2F%2Fgreenjoanrealestate.wordpress.com%2Fwp-admin%2Fpost-new.php&jsref=&rnd=1337183265609

This article was written by Dian Hymer, a real estate broker with more than 30 years’ experience, is a nationally syndicated real estate columnist and author of “House Hunting: The Take-Along Workbook for Home Buyers” and “Starting Out, The Complete Home Buyer’s Guide.”.

The home-sale market is showing signs of life. More buyers are confident now than they were a year ago that now might be a good time to buy. Interest rates are near all-time lows and home prices in some areas are back to 2002-2003 levels.

Some analysts are finally suggesting that we may be headed for recovery. If you have a secure job, plan to stay put and feel this is the right time for you to buy a home, consider the following.

In most places in the country, home prices are still declining. It has only been recently that the market picked up and it’s too soon to know if this will result in a sustainable increase in prices.

The recent home sales in areas around California’s Silicon Valley defy the norm. Significant job growth in the area combined with a low inventory of good homes for sale has resulted in multiple offers with buyers bidding the price up sometimes hundreds of thousands of dollars over the asking price.

In other high-demand, low-inventory areas, you may find yourself bidding against other buyers, perhaps even more than once. This doesn’t necessarily mean that the price will be bid up significantly over the asking price. This will vary from one listing to the next depending on property location, condition and price.

It’s important to research the local community where you want to buy. Find out what homes are selling for, if multiple offers are common and if listings are selling for more than the asking price. This will help you make a realistic offer that might be accepted when you find a home you’d really like to buy. It helps to work with an experienced local real estate agent.

Some sellers in high-demand niche markets intentionally list their home at a low price hoping to stimulate multiple offers. If you see such a listing and there are a lot of buyers wanting to make offers, you will be better able to know how high your offer would need to be to win the contest if you have done your due diligence.

HOUSE HUNTING TIP: Whether you’re anticipating competition or not, you should be preapproved for the mortgage you’ll need to complete the purchase before you write an offer. In competition, this will make a big difference, particularly if everyone else who is offering is preapproved. It also lets you know what you can afford. And, it puts you in a good bargaining position with the seller.

Buyers aren’t the only participants in the housing market that have heard the news that the market has improved. Some sellers are putting their homes on the market because they’ve been waiting for a better time to sell. This is good news for buyers looking in low-inventory markets.

You should expect that you will have to negotiate. Many of today’s sellers are selling for less than they paid. Even though the market has improved a bit, sellers may be disappointed with the current market value of their home. Be prepared to negotiate, not just the initial price, but after inspections are completed if items come up that you hadn’t anticipated.

Include realistic contingency time frames in your purchase contract for loan and appraisal approval if you’re applying for a mortgage. The recent uptick in the market means that lenders are suddenly overwhelmed.

In mid-March, buyers in Oakland, Calif., who were seeking approval for a jumbo loan were told they could close a transaction in 21 days. Not only could they not close in 21 days, it took more than 21 days for loan approval due to lender backlog.

THE CLOSING: Underwriters could require that additional conditions be met before you can be approved. Act quickly to avoid further delay.

First Time Buyer Seminar – April 14th

If you are a first time home buyer, did you know that, even if you find your dream home, you can’t make an offer without a pre-approval.  No real estate agent will accept an offer for their client without one attached.  There is no way to know if you qualify to buy a house unless a bank or mortgage company has indicated that they have pre-approved you.  Knowledge and a pre-approval letter is power.  Thanks to Chuck Hirbour from Homestead Funding in Chelmsford for the seminar.  Call now and save your spont. 

 

I Willl Fight For You!! Register TODAY for our First-time Buyer Seminar: VA, 203K REHAB, FHA, RURAL HOUSING, AND DOWN PAYMENT ASSISTANCE PROGAMS.  TIME:11am to 1 pm.

Date SATURDAY April 14, 2012.

Place: Lowell Telecommunicatons Center 246 Market St. Lowell MA 01852.

PLEASE R.S.V.P. AT 978-251-8558

 

 

When you are shopping for your mortgage loan and you need someone in your corner, I WILL FIGHT FOR YOU!  We are experts in FHA 203k Rehab, VA, USDA, 1st time buyers, Conventional and Jumbo mortgage loans.

 

We offer Free pre-qualification and credit analysis.  Call me to arrange an individual or group seminar to review your mortgage options.

%d bloggers like this: