NMLS# 404518 Senior Mortgage Loan Officer
Buying a home is an adventure. It’s exciting and scary at the same time. Having a team to help you through the process is the best way to go.
What does your real estate agent wish you knew? The answer varies, but here are five things that your Realtor definitely wants you to know before buying your home:
You Need to Get Pre-Approved
A pre-approval letter from a qualified lender like Ruoff Mortgage lets sellers know that you are a serious buyer. Your lender should be verifying your down payment money is in place, your income is stable and acceptable, and that your credit meets the criteria for the loan program you're applying for. The best homes sell fast! If you are not pre-approved and ready to make an offer - someone else is! By not being pre-approved, you may lose your dream home.
A pre-approval letter also helps you schedule home tours. Particularly after COVID, sellers do not want buyers in their homes unless they are qualified to buy right now. Don't miss out!
It's a Seller's Market
What exactly is a seller's market? There are more buyers than available homes so houses don't stay on the market for long. These homes oftentimes sell above, no below, asking price. This may not be the best time to try and negotiate price if you really want to purchase the home. Your Realtor can help you determine the actual value of any home - regardless of how much the seller is asking for.
Small Things Matter
What are you putting in your offer to help close the deal? Small things matter in your offer and can make all the difference when it comes to a bidding war or multiple purchase offers. Here are some "small things" to consider when building your purchase offer:
Are you paying your own closing costs? Asking a seller to cover closing costs cuts into their own net proceeds. If you need the seller to pay the costs, consider increasing your offer price.
Is the loan type appropriate for the property? Government loan programs in many cases require that property repairs be completed before the sale of the house. This applies to loan programs like FHA and VA. A conventional loan, on the other hand, may not require those same repairs.
How fast can you close? Can your lender close as fast or faster than the competition? Is the seller on a timeline? If timing is a big factor in the purchase offer, make sure your lender can commit. Ruoff Mortgage is committed to getting you to the closing table as quickly as possible - usually in less than 20 days!
How flexible can you be on possession? Being flexible on when the sellers must vacate the property can really boost your purchase offer. Be generous and give as much time as you can. Other buyers may not!
Your Agent Invests in YouA great Realtor invests time to get to know you and your home needs. Your Realtor only gets a return on that investment when you buy a home through them, and every Realtor has access to every listed home – no matter who the listing agent is. Be loyal to the Realtor who is investing time into your future! Never go see a home without consulting with your Realtor – no matter what!
Have a Homebuying TeamHaving a professional team in your corner can make a world of difference in your homebuying experience. If you don’t already have these professionals in place, your lender or Realtor can help refer local professionals:
- Real Estate Agent
- Insurance Agent
- Lawyer (if you intend to use one)
- Home Inspector
- Financial Planner
For more resources on the homebuying process, visit https://ruoff.com/resources.