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PRE-QUALIFIED/PRE-APPROVED ADVANTAGE

It is not uncommon when selling your home to want some guarantees that you’re not wasting your time showing your home to or being tied into a deal with a buyer who ultimately cannot afford your home. There is nothing wrong with noting in your advertising and letting buyer’s agents know that you will only show your home to pre-qualified or pre-approved buyers. Also, if you’re a buyer, you have a lot more negotiating power if you present your offer as a qualified buyer. BUT it’s important in both roles to understand the difference between pre-qualified and pre-approved.

DEFINITIONS:
Pre-Qualified: Based on what you report for income, assets, liabilities and credit rating, it appears that you can afford a specific price range home.
Pre-Approved: Based on verified data regarding income, assets, liabilities and credit rating you have been approved for a mortgage by a lender.

IS IT WORTH DOING AS A BUYER OR REQUIRING OF BUYERS AS A SELLER? Absolutely! Being a pre-qualified or pre-approved buyer allows you to take advantage of the best rate for your needs, enables you to know your spending budget, and makes you much more desirable to the seller. If you want the best deal, become the seller’s best buyer!

WHAT CAN YOU (YOUR BUYER) REALLY AFFORD? Taking the time to get pre-qualified or better, pre-approved allows you to realize what you truly can spend so you won’t waste time viewing/bidding on properties you wouldn’t be able to get a mortgage for. It’s just like the old saying; “don’t try on a wedding dress you can’t afford because surely it is the one you’ll fall in love with”.  You can be pretty assured that when you look at homes above your true price point, you will find yourself with the feeling of settling for something less than your dream home instead of being excited about your new home owning adventure.

OBTAIN THE BEST RATE! Just like the internet has made it possible to research available properties for sale, it also allows buyers to explore rates, benefits and offerings of multiple lending companies allowing you or your buyer to obtain the best possible rate based on your/their qualifications.

This really is a common sense factor of home selling or buying. If you’re a buyer, put yourself in the seller’s shoes. Would you tie up your home with someone who isn’t willing to prove they can qualify for a mortgage? Doubtful! If you’re the seller, it certainly makes sense to choose a buyer who provides proof that there is no risk that they won’t get a mortgage and complete the transaction. Bringing strength to your negotiations allows you to reap the greatest result!

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The Power of Patience

” A handful of patience is worth more than a barrel of brains” Dutch It is no surprise that patience helps us make better decisions.  This is a fact that most of us would agree with on the surface but have often pushed out of our thought process. The media continues to tell us how..

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A BIG LOOK AT A LITTLE COST!

Redoing your kitchen but can’t afford the expensive (and highly desirable) 42 inch custom cabinets? Go to your local Home Depot or Lowe’s big box store and purchase their in stock cabinets (available in multiple shades of oak, maple or white). Stack 12 inch cabinets on top of 30 inch cabinets. Not only do you..

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SIMPLE SOLUTION TO STORAGE PROBLEMS!

Ever wish you had more room to put your cleaning supplies, extra bags, etc? Look no further than the back of your linen closet or laundry closet door.  Purchase an inexpensive over the door plastic shoe bag and start filling it up. Not only does everything stay neater, they are more easily accessible when you..

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PROACTIVELY PROMOTE YOUR HOME!!

Maximize the impact of your ByOwner advertising by putting a little legwork into your sale to get the word out! Remember, Goal #1 in selling your home: get your phone to ring or your email to load up! DISTRIBUTE FLYERS: Print out flyers and distribute them everywhere you can**: Area supermarkets and stores. Cafes. Local..

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FAIR HOUSING GUIDELINES

Did you know that the federal Fair Housing Act regulates the language used in real estate advertising? According to Fair Housing guidelines, home advertising cannot say anything that could be conveyed as discriminatory or exclusionary in any way. Seven classes are protected by the Fair Housing Act: Race Color Religion National Origin Sex Handicap Familial..

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You Have a Contract…What’s Next?

You’re selling by owner. You’ve advertised your home and yay! you have an offer. Now what?! Here are some tips to help you take that next step with confidence and minimal stress! 1)  Prior to or upon putting your home out to prospective buyers, hire an attorney (make sure it’s a real estate attorney and..

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BEWARE OF RENTAL and RENT TO OWN SCAMS!

You’ve probably seen several listings online (often posted on Zillow and Craigslist) that seem “too good to be true” because of how low the rent is or because you can rent to own the property with very little down, low rent and a less than stellar credit score.  They seem too good to be true..

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Comparative Pricing: Set the Right Selling Price for Your Home

The most important thing to do when selling a house is pricing it correctly and fairly. You don’t want to overprice the house because you will lose the freshness of the home’s appeal after the first two to three weeks of showings. People will just not put an offer in if it’s not fairly priced…

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Four Renovations to Consider Before You Sell

Whenever we think about remodeling homes, we think of creating the perfect home for yourself and your family. Shows like HGTV’s Property Brothers make us fantasize about spending less to have more cash for dream renovations. As a home seller, the last thing you want to do is spend your savings on making a better..

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