Tips For Home Buyers In A Hot Sellers Market!

The increase in housing demand has created a Sellers’ Market; this being the case, it is extremely important that buyers are prepared when they decide to buy in 2014! In order to compete in a seller’s market, buyers need to have their ducks in a row and look as strong as possible to a potential seller. Buyers—Be Ready!

The following are some great tips for being ready to move when the right property becomes available:

  1. Get Prequalified – Choose a lender so you know how much you can afford to buy. Complete a loan application so the lender has all of your pertinent information. Consider all loan options available; FHA, VA and Conventional. Discuss the pros and cons of how much of a down payment you will need with your lender so that you are educated going into the buying transaction.
  2. Review Your Credit Score – Have a mortgage lender check your credit and discuss your credit score with you. Often an increase in credit score by 10 points can make a huge difference in your interest rates. Discuss possibilities to increase your credit score with your lender. Some increases can be accomplished in 72 hours.
  3. Get Documents in Order– Locate your previous years’ W-2s and tax returns. Start saving paystubs and bank statements.
  4. Review Bank Statements for Large Deposits – Lenders will require any large deposits that aren’t income-related to be documented with a paper trail. Sold a car recently? Received a gift from a family member? Make sure that you have the necessary documentation to support any large deposits.
  5. Find a Great Real Estate Agent– Not all agents are created equally, so it is important to find an agent that you feel comfortable working with! Call me at (214) 609-7123 so that we can set up a no obligation consultation. That way, we get to know each other and make sure that we will be on the same page.

HAPPY HOUSE HUNTING!!

 

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