The McCarty Team has been helping our buyer clients find their dream homes since 1993 either individually or as a team. During that time, we learned more than a few techniques to help get our offers accepted.
If you are considering purchasing a home, here are some of the steps you will need to take in order to help you achieve your goal:
1. Start saving for for your down payment asap
In our experience, buyers who are pre-approved with 20% down are viewed by many sellers as more desirable.
While it's true that some lenders approve buyers with as little as 1% down
and sellers ultimately receive the entire sale amount at closing, many homeowners think buyer's who are putting at least 20% down are stronger buyers. It really is irrelevant once they have a true pre-approval, however. The home still has to appraise for the entire sale price
. The amount down doesn't matter to the lender. This is a little know fact. Many good approved buyers don't put 20% down but that is ok! The seller's net proceeds are exactly the same!
2. Check your credit
Your credit score is the most important consideration
whether you’re approved or not. It will effect your interest rate rate and even terms of your loan.
3. Pause any new credit activityDo not get any new credit cards, auto loans, etc.
after you start your home search. Your lender runs what is called a "hard inquiry", which can adversely affect your credit score.
If you’re applying for a mortgage soon, avoid opening new credit accounts
to keep your score from lowering.
4. Decide much home you feel you can afford or feel comfortable withDetermine a realistic price range
that you can live with.e Some people prefer to buy as much house as they can and others choose to be more conservative.
5. Set aside the funds required for closing costsBudget for the money required to close your mortgage. Closing costs are generally between 2% and 5%
of the total loan amount.Shop around and compare prices for your closing costs, expenses, such as homeowners insurance, home inspections and title searches.
6. We are experiencing a seller's market so prepare for a fair amount of stress
We are currently in the midst of a very competitive real estate market
as a result of the very limited inventory. Houses that are priced right often receive multiple offers.
When you find a home you really want, be careful not to bid over your budget.
We work with many buyers on a regular basis and we are very successful getting our offers accepted.
Please contact us for a stress-free, complimentary consultation
about how we rescue our buyer clients from the complexity and chaos associated with home buying. We know how to get offers accepted! Call The McCarty Team for a pressure free, complimentary consultation!We Put the Spotlight on YOU!