Buying a house today is quite different than in times past. There is such a shortage of homes that people are making ridiculous offers, usually over the asking price. In today’s world, a buyer should be prepared to make offers on multiple properties before you make a successful bid.
- Find the right home.
- Determine if the home fits your budget.
- Compare the home price to other recent sales of similar homes nearby.
- Determine your offer price, contingencies and timeline.
- Draft and submit your offer.
- Seller replies: yes, no, or counter.
Are you pre-qualified or pre-approved for a loan?
Before you begin to shop for a new home, you should set aside some time with me so we can figure out how much you can afford. This will put you in a better position as a buyer. That’s when it is important to understand the distinction between being pre-qualified for a loan and pre-approved for a loan. The difference between the two terms will be crucial when you decide to make an offer on a house.
To get pre-qualified for a loan, I will collect information about your debt, income, and assets. We’ll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you.
Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net or call at 727 447-2418.