List Categories | List All Articles | List Articles By Title
How Much Home Can You Afford In Todays Market?
If you haven't figured your credit worthiness and borrowing power lately, you might be surprised at how much home you can afford to buy in today's market! Mortgage Lenders are very optimistic about the future of the real estate market and as a result they are willing to loan more on properties than you might expect! And, lenders are making loans at rates not seen since the late 1960s.
We,as your Realtor, will be most willing to align you with one of our favored lenders for a private and complete analysis of your borrowing power. There are many different mortgage programs available to you -- some that you may not have heard of or even imagined before. Now is a great time to take a look at what's available to you! Every day we help buyers find and finance their next dream home. We can help you, too -- if you call us.
Here's what we'll do for you:
Step 1: We can show you how or connect you to the right lender, to get you pre-qualified or even get you a signed loan commitment for an exact maximum amount with exact terms and conditions -- and THEN you can search for the land or home of your choice with full knowledge of your ability to purchase it in today's challengingly fast moving market.
Properties here have been selling FAST, if they are priced at the market; seldom more than a few weeks. There are some exceptions; where the home is an unusual color, the lot an unusual shape or the floor plan too eccentric for most buyers or the seller has priced the property too high and is waiting for the market to catch up. These can be exceptional buys.
Some locations are not as hot and properties sell more slowly -- but there are VERY FEW to choose from.
Your ability to purchase and own the property you want will be greatly enhanced after a phone consultation with a lender. You will get the answers from your lender, usually in a few minutes or hours. If you are looking for an older property or a "fixer-upper" the lender will usually tell you that they can make arrangements to finance the restoration and remodeling costs too! For those with strong credit, there are even loans for up to 103% of the purchase price, allowing you to get a home with nothing down and finance the settlement costs too.
Step 2: We will meet with you and discuss with you a selection of properties that are within your ability to purchase. Many will not suit your needs perhaps; but we can mutually learn from that first meeting and tailor a few meaningful appointments and showings that will better utilize your time and ours. It is difficult to make an informed and logical choice when too many properties are seen at one time -- especially when most or even all of them could have been eliminated due to unsuitability for you and your family.
Step 3: At this point or preferably earlier, to give you the best service; you will be advised to sign an agreement with us so that we may represent YOU in your purchasing decision. Otherwise by law we must represent only the seller; that is the way the law is written and we must obey or lose our license to do business. All of our buying clients sign Buyer's Agent agreements! We can also work as dual agents for you as a buyer when the property for sale is our listing. Either agreement allows us to represent YOU too and not only the seller. You should take advantage of the Buyer's Agent agreement.
Step 4: Kate and I can then usually preview the properties that look the most interesting to you. After we inspect them, we can better guide you as to whether certain properties are more or less suited to you. In some cases we can even advise you to NOT purchase a specific property when we are representing you instead of the seller. We can also go to a specific property for you and take more pictures with our digital camera and then send them to you via e-mail to give you more insight and help you better determine your interest (or not) in coming to see the property yourself. We prefer to work by email. We do not take calls during appointments and email allows us to work, keep a record of all our communications, as we are working with many people and some of them for weeks, months or even years before they purchase. Email is by far our prefered method of communication other than our appointments with you. At times we will need a back and forth two way phone conversation, sometimes on speaker phone with both of us or others so that all can be involved in the discussion; but we still follow that up with an email of notes on the discussion.
Step 5: This is the exciting part! After these first steps we will go with you (and your spouse or other decision making family members) to see those few properties that are affordable and suitable for you. AND since you now know exactly what you can afford -- you can then write a purchase offer or agreement at this point without any surprise or any difficult financing problem! In this fast paced market, not writing an offer or full price contract within hours or days of seeing the property will often eliminate your opportunity to purchase and meanwhile prices are going up by the DAY as each seller wants to get quite a bit more than the last one... wouldn't you?
In this market some sellers will not even sell a property to someone who is not already qualified to purchase their property with proven cash, a loan commitment or some other suitable financing capability.
Step 6: At this point you can return to your normal life with only a few more short and easy responsibilities between your agreement to purchase (once the seller has also agreed) and your final ownership of the property. It is usually only four to six weeks from the time of a fully agreed upon and finalized agreement to purchase and your ownership of your new property -- on land the final settlement can be two weeks or less!!! You will need to make some choices regarding inspections and evaluations by professionals during this time. We can usually handle all but a few details of these recommended actions.
Step 7: Enjoy your new property! And, remember as your Realtor, we are available to you after you own your property, if you need some additional professionals to help you enhance your purchase, improve the property, make repairs, remodel, paint, find a lawn service, etc.
We know folks who have proven reliable and if we give their contact data to you we want you to let us know if they don't serve you well! If they don't we have some additional clout in that we can stop referring them and we are locals who they know will spread the word if they don't properly care for our clients. Once you have done business with us -- we consider you family!
We are available for you; just call us or write us. Meanwhile you may want to recommend others to come to our Web site here as we add articles from time to time. Or just send it to anyone who may benefit from it as you wish. All we ask is that you send our web site address as well when you send them the article so that they will have the source; that will give us the copyright protection we ask for.
Copyright 2001-2005 www.JodyHudson.com
Jody Hudson is a Realtor with 35 years experience in the business nationally and in Delaware.
Article source: http://www.kate-jody.com/essays/afford.html
Setting Goals for Real Estate Success
The power of goal setting has been well documented and communicated so before you skip over this point because you've heard it all before I'd like you to consider how well you are doing it. I'm a firm believer that you don't truly understand something until you are doing it.
Does Staging Work?
Staging can involve minimal effort on the part of a seller. Merely rearranging furniture can show a house off to advantage.
Expenses of Home Ownership
Hopefully all goes smoothly when you purchase your home. In your anxiousness to become an owner it may not have crossed your mind and no one tells you, your'e not done spending money on this transaction.
Real Estate Values or Just Bad Habits
There are several small businesses that retain hundred year old traditions. Hand-dipped chocolates, fresh flowers and cloth napkins on every table in a restaurant, or mints and roses on a guest's pillow at a B&B.
FSBO Novel Preface
PrefaceWe are For Sale By Owners, "FSBOs." We spend our time trying to sell ourselves and others on what we are doing or what we want to believe.
A Crash Course On The Payout Options Available To You When Selling A Mortgage Note
Okay, let's take a look at the typical payout options:Full Purchase - The investor buys the entire note. This alleviates the seller of the responsibility to collect payments in the future.
Investment Property - Leveraging Rental Property Equity
Owning investment property is a tremendous wealth building strategy. Thousands upon thousands of individuals have amassed great wealth by investing in rental properties.
Real Estate Local FAQs.
There are many frequently asked questions and any local real estate area. In our area here at the local Delaware Beaches, the most frequently asked questions are how to get a good deal and if there are any fixer-uppers available.
5 Things to Look for in a Property Appraiser
Homeowners who are seeking a property appraiser often ask "How should I choose which real estate appraiser to use?" When selecting a property appraiser, keep the following in mind:Always make sure a property appraiser is licensed or certified by the state to perform real estate appraisals. While state licensing and/or certification isn't always an indication of quality, it ensures that an individual is has met certain standards and been authorized to perform property appraisals.
Boston Real Estate - Choosing the Right Boston Real Estate Agent
As a successful Boston real estate agent, it always puzzled me how and why some people choose particular Boston real estate agents to sell their homes. For most of us, a real estate purchase is the single largest investment we will ever make in our lives.
Top Tips for First Time Home Buyers
Advice to Help When You're Buying a HomeFirst time home buyers might feel better to know that they're not the only ones who feel confused about the process of buying a home. Nearly all home buyers feel the same way, even if they've bought a house in the past, because it's easy to forget the home buying steps you took to get there once the event is behind you.
Various Aspects Of The Lease Purchase Business
In a previous article, we wrote why we believe that Lease Purchasing is the perfect home-based business, here we want to briefly touch on some of the actual aspects of operating such a business, the pluses and minuses and why Lease Purchasing represents a win-win situation for the seller, the tenant/buyer and just as importantly, you, as the business owner. One of your goals in operating a Lease Purchase business is to contract for property that you then move to the tenant/buyer.
Real Estate, Real Property and Leased Land; Definitions, Discussion and Explanations
Delaware, and the rest of the original British Colonies, has some land that is leased rather than owned by the residents of that land. Much of it is not evident to the casual observer.
What to Look for in a Real Estate Agent
Real Estate Agents play an essential, critical role in the process of buying and selling a home. You just simply cannot afford to work with an agent that does not exhibit top-scale professional values.
Purchasing International Real Estate
Interested in investing somewhere other than your back yard?Management companies have made it as easy to have a revenue property across the world as it is to have it across the street. You don't want to be collecting rents and plunging the toilets no matter WHERE it is!Different laws in different countries means some research is definitely in order.
Real Estate Investing - "The Neighborhood Factor"
Real estate investing can be a dream career when the process of buying and selling is mastered. The biggest challenge in real estate investing is not the money to get started or the availability of the product.
Ten Tips For Selling Your House
One of the biggest mistakes people make when selling a house, is not understanding real estate value. It doesn't matter at all what you think your home is worth.
Becoming A Battle Hardened Real Estate Veteran Without All The Scars
Step 1 is always to determine the fair market value(FMV). As a real estate investor, you can always buy properties at the FMV.
Buying Country Acreage and Rural Properties, To Buy or Not To Buy
Almost anyone can become a rural property owner; if you are willing to set goals, establish what your purposes are, plan ahead and set targets that are all aligned toward the same result. And, if you can be patient instead of requiring instant gratification.
Can I Sell My Private Mortgage Notes?
In this country millions of homes are sold every year. In most cases buyers go to a bank or finance company to seek mortgage financing.
home | site map
All articles are copyright to their owners.
Note: this website lists articles, We do not Write Articles !