From: Sarah
Sent:
Monday, January 30, 2010 7:12 PM
To: Lohman, Linda
Subject: Buying a home
Linda,
We
do not have an agent but are looking for a Buyer's agent that
can help us get pre-approved and help working through our current lease.
Thank you,
Sarah
Cary NC The Buying Process Step 1.
I often find myself
telling clients that buying a home is a process that takes
time.
Step 1-Get prequalified:
In today's market this is an essential first step. When making first contact with a Real Estate Buyer's Agent the first question they ask you must be, "Have you been to a lender to get pre-qualified?" That simple statement will be a signal that you are working with a true professional.
Scenario: You do the calculations and think you can afford a home in the $200-250,00 range. You start a search on-line and see a home you like. Call the agent and ask for a showing. The home is perfect and you tell the agent to prepare and offer. The offer is prepared the process begins. You call your bank, they put you in contact with the on-site lender. After days of paperwork passing the lender finds a red flag. A hundred items can cause a red flag. You can only qualify for $175-200,000.
What's next?
Let's start over and assume you have contacted a true professional. "Have you been to lender to get pre-qualified?"
If not, the following information will prove useful::
- Homeowners Insurance- Contact your Home owner's Insurance to be sure your policy is in order. First time buyers will need to establish this relationship to discuss desired coverage. The lender will need this information to process your loan.
- Credit Report - The lender will need to pull your credit score. The best credit scores will get the best interest rates, less risk to the bank.
- Credit Inquiries - You will be asked to explain any credit inquiries you have made in the past 90 days. These inquiries show up on your report and will need to be explained in writing.
- Asset Documentation - These will include proof of assets; bank statements, retirement accounts, payroll stubs, etc.
- Gift Funds - If you are receiving funds in the form of a gift a "gift letter" will be required by the donor.
- Funds for Closing - You will need certified funds for the day of closing (cashier's check, money order, etc) made out to the closing attorney. See Closing Costs.
Are you looking for a REALTOR that is:
- a former teacher WCPSS that knows the schools
system
- has lived in the Cary area for over 15 years
- has the expertise to get the job done?
Let me GOOGLE one for you! - click here
Cary
NC The
Buying Process Step 1 was first published on CaryRealEstateBlogger.com - a blog
by Linda Lohman
