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INFO FOR BUYERS

There are some specific techniques that savvy buyers use to leverage their buying power and increase their odds of getting the property they want. Some are pretty well known, and some are less so--but all should be followed diligently.

Techniques Used By Savvy Buyers

      Things You SHOULDN'T Do Before Buying Your Home

Techniques Used By Savvy Buyers
Get pre-approved. With the hot real estate market, you've got to be ready to move right now--and that means having your financing approved ahead of time. In fact, many sellers actually require a pre-approval letter be submitted with the offer. But getting pre-approved (also known as "pre-qualified") also saves you hassle, because you've already qualified and you know exactly what your buying limits are. In short, you are the kind of buyer sellers want. For more info on the entire pre-approval subject, please see Sharon's Mortgage Info page.

Make your offer realistic. Sharon will go over the comps of similar homes so you know what's realistic for the house you're going to submit an offer for. But she'll also help you arrive at a figure that takes into account your desire for the home in light of how many other buyers you may be competing against. The fact is, if you really like the house and other serious buyers do too, you must make your offer competitive--either in terms of price, the conditions you stipulate with your offer, or both. There's an old saying: "Strong offers talk; weak offers walk." One thing that strengthens your offer, for example, is to minimize or eliminate contingencies.

Put your money where your mouth is. In a hot real estate market, the seller's acceptance of an offer is sometimes determined by the amount of the deposit submitted with the offer. If you really want the property and you're bidding against others, a larger deposit could turn the tide your way.

Be ready to roll on a moment's notice. In a hot real estate market, you must be ready to review a prospective property on short notice--and you must be ready to make an offer on short notice as well. Homes can sell within hours of being listed. So make yourself available so Sharon can contact you quickly in case that "one-in-a-million" property becomes available.

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Things You SHOULDN'T Do Before You Buy Your Home

Don't make major purchases. Whether a new SUV, jewelry, furniture, expensive wedding or surround-sound system, wait until after your escrow closes.

Don't move money around, and don't change banks. Lenders review various aspects of your financial assets to determine things such as your financial stability and consistency, the source of your down payment, etc. This scrutiny is also designed to validate the source of funds and prevent fraud--so while your lender's requests may frustrate you at times, it's part of what they do. Bottom line: It's best to keep your funds static until you line up your financing package with your loan officer... and many people suggest doing so until escrow closes. It also makes it easier in case your lender requests documentation to substantiate various accounts and funds you own.

Think twice about changing employment. Some lenders have no problems with you changing employers if your new job means increased earnings--IF you have sterling credit and have proven your financial stability (among other things). Other lenders may look at it quite differently, however, and this can cause problems for you. There are still others whose job stability plays a major role in the acceptance of their loan application--and for whom a change of employment would sink the ship. Sharon is experienced in dealing with loan officers, and can guide you through the loan application process with respect to what the lender expects and needs from you.

If you have any questions about the above topics, please call Sharon today for
good, solid advice. You can reach her at
(209) 296-7438, or via e-mail her at sharon@goldminerealty.com.

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