So you’ve finally found the perfect house, but you’re not the only one! When other potential buyers are bidding for the same home, you’ll want every advantage you can get. Here are some tips to help you make sure the house you close on is the same one you’ve got your heart set on:
1. Understand the seller’s needs
Are there any contingencies you can waive to make your offer more appealing? Can you provide a rent-back agreement to a seller who will need to stay in the home for a short while after closing? Find out as much as you can about the seller’s situation. Occasionally, a seller will have large furniture that is too unwieldy to move or pets that they cannot bring with them to their new home. Maybe you can help find a suitable place for them to go? The more you can do to make the process easier on the seller, the better your offer will be received.
2. Get pre-approved
Try to see things from the perspective of the seller, who often wants to close the deal as quickly as possible. That can give an edge to cash buyers, who don’t need to wait for financing approvals. However, if you sort out the financials before making an offer, you’ll be more likely to close the deal quickly, putting you on a more even footing with the cash buyers. But you’ll have to act quickly, which brings us to our next tip.
3. Get all requested documents to your lender ASAP
Approving a mortgage loan requires a LOT of documentation. The most common reason for a slow mortgage application process is incomplete or insufficient documents being provided to the lender. Therefore, it is highly important to provide any requested documents to your lender as quickly as you can.
4. Pay cash
If you decide to pay cash yourself, keep in mind that you’ll have to place a mortgage on the property within 90 days of purchase if you want to get a tax deduction. That means you’ll have to document the source of funds you used for the cash purchase.
And throughout it all, remember that we’re here to advise you and answer your questions.
|Kerry Gaby, CMA
Mortgage Loan Originator | NMLS# 641778
Direct Phone: (850) 848-5240
Mobile: (850) 567-4144
Fax: (850) 848-5240
AnnieMac Home Mortgage Corp NMLS # 338923
3512 Maclay Blvd 1 | Tallahassee FL 32308