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Buyers have a number of concerns based
primarily on intangibles and unknowns. Their first
question is will they get the loan and how much will the
lender allow them? Then they must come up with ways to
make the down payment, or if they are the more daring
types, to swing a bigger loan. Here are just a few tips
to help you through the buying process -
Buyers have a number of concerns based primarily on
intangibles and unknowns. Their first question is will
they get the loan and how much will the lender allow
them? Then they must come up with ways to make the down
payment, or if they are the more daring types, to swing
a bigger loan. Here are just a few tips to help you
through the buying process -
Don’t Move Money Around -
When a lender reviews your loan package for approval,
one of the things they are concerned about is the source
of funds for your down payment and closing costs. Most
likely, you will be asked to provide statements for the
last two or three months on any of your liquid assets.
This includes checking accounts, savings accounts, money
market funds, certificates of deposit, stock statements,
mutual funds, and even your company 401K and retirement
accounts. If you have been moving money between accounts
during that time, there may be large deposits and
withdrawals in some of them. The mortgage underwriter
(the person who actually approves your loan) will
probably require a complete paper trail of all the
withdrawals and deposits. You may be required to produce
cancelled checks, deposit receipts, and other seemingly
inconsequential data, which could get quite tedious.
Perhaps you become exasperated at your lender, but they
are only doing their job correctly. To ensure quality
control and eliminate potential fraud, it is a
requirement on most loans to completely document the
source of all funds. Moving your money around, even if
you are consolidating your funds to make it "easier,"
could make it more difficult for the lender to properly
document. So leave your money where it is until you talk
to a loan officer. Oh…don’t change banks, either.
No
Major Purchases - Suppose you earn $5000 a month and you
have a car payment of $400. At current interest rates
(approximately 8% on a thirty-year fixed rate loan), you
would qualify for approximately $55,000 less than if you
did not have the car payment. Even if you feel you can
afford the car payment, mortgage companies approve your
mortgage based on their guidelines, not yours. Do not
get discouraged, however. You should still take the time
to get pre-qualified by a lender. However, if you have
not already bought a car, remember one thing. Whenever
the thought of buying a car enters your mind, think
ahead. Think about buying a home first. Buying a home is
a much more important purchase when considering your
future financial well being. Call in an expert - Call
Kathy for assistance when you’re thinking about buying.
Kathy has specialized in condominiums for over a decade.
She can answer questions that are unique in the purchase
of a condo. Click HERE for a FREE consultation with
Kathy.
Tips on Selling
There are some great ways to enhance
the way a potential buyer sees your home and what kind
of lasting effect they will have. Here are just a few
tips to help you get the most for your home:
Lighting - When getting your place ready to show it
should be as bright as possible with natural light
always making the best impression. Electric lights are
very important as well but too many of them will give
the impression that the home might be a little
dark…that’s what we don’t want people to think! Right?
Just say "No!" to bad odors - You NEVER want a bad
odor, at all, at any time. Any potential buyer is going
to run screaming from your house if it smells bad. For
one thing, they may think it is a sign of a severe
problem should it be a moldy or dusty odor and they may
also be freaked at the idea that they may never be able
to get rid of it. No bad smells! Better if it smells
like bread or fresh-baked cookies!
Unkempt = No Sale - Nobody wants to see your
wardrobe, especially on your floor or bathroom vanity.
If it looks like you don’t have enough room for your
toiletries and clothes then the first thing a buyer is
going to think is that they won’t either. Clean, clean,
clean!
Pretty is as pretty does - Add beautiful touches to
your home like pots of flowers, little bouquets, nice
looking table, (but no fake dinner parties, everyone
hates plates, napkins and glasses set in a mock party
setting especially when they’re dusty and no-one would
ever dare eat a morsel off of them), and a beautiful
bed, bath and kitchen are always real winners. Keep
surfaces and counters clean and clear to give the
impression of plenty of space. This goes for closets and
pantries too.
Call in an expert -
Call Kathy for some free assistance when you’re thinking
about selling. Not only is she an EXPERT when listing a
condo for sale but she can also share little tips that
will make the sale of your property faster, easier, and
much more profitable. Click HERE for a FREE consultation
with Kathy, your Cove Cay expert!
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