especially 1st time buyers!! The market for homes priced Under $150k are beginning to be gobbled up. If you are in the market for a home the 1st thing you need to do is to get per-qualified for a home loan. Why is this important? First off so you know exactly home much home you can buy so you don't fall in love with a home you can not afford. Secondly when you do find the right home and you are pre-qualified you are essentially a cash buyer. If you do not have a pre-qualification the seller may not even consider your offer and /or you risk losing the home to another qualified buyer. Also the HUD/Foreclosure market is gaining momentum and all buyers MUST be pre-approved for their offer to be looked at.
The market for homes priced at $150K and below seems to be heating up! I set up 7 showings for a buyer this week 2 days in advance and the next day only three of the seven were available.
VERY IMPORTANT: When requesting a prequalification from your lender, be sure they check ALL of your pertinent information and not give you a pre-approval based on some brief information you give over the phone. You do not want to be in a situation where you are in contract on your dream home and all of a sudden the lender finds a problem with your credit and you can not move forward. It does not cost anything to be prequalified of ahead od time and it could save you lots of time and headaches to be ready. Also be sure to ask the lender for a good faith estimate; this will give you and idea of payments and the cost of closing the loan and check with your Realtor® to see if the closing costs look reasonable.
Sellers be sure that the buyer who wants to purchase your home is a qualified buyer so you won't be wasting your time.
Please feel free to visit our website www.opentoexit.com to begin the search for your new home.