The next obvious step would be to... buy it.

It is standard practice to make a purchase offer contingent upon obtaining a mortgage. Because of this contingency, the seller will want the details of your financing plan included in the offer.

Down Payment
In the purchase offer, we will include the down payment amount you will apply toward the purchase. This will give the seller further evidence of your qualifications to secure a mortgage.

Interest Rate
Within the purchase offer, we will provide a safeguard against any dramatic change in interest rates between when the offer is made and when the loan is closed. The offer will not only be contingent upon qualifying for a mortgage, it will also be contingent upon an interest rate within a certain range.

Seller Assistance
If the house you select is at the top-end of your budget range, we may want to include a request for seller assistance to pay a portion of the closing costs traditionally paid by the buyer or to help "buy-down" your interest rate. Other seller assistance may include having the seller "carry back" a second mortgage to cover your down payment or even 100% seller financing.

With any of these seller assistance options, you can expect to pay a higher purchase price than if you had handled the financing through a traditional mortgage lender.

SEARCH over 50,000 homes online for FREE and be the first to know about HOT NEW LISTINGS before other buyers do, please visit http://www.allnylistings.com/

 

5 Comments on Vincent, I found the house I like… What next?

SEP
10
2007
160,380 Points Outside Blog

Good Post. I really think you are right. We could all learn something from this.

Dwayne West-"Your Canton Georgia Real Estate professionals"
8:48pm • #1
402,651 Points 29 Featured Posts Outside Blog

Vincent, Your buyers are very fortunate to have you guiding them through all of these steps...  This whole series you write is so thorough and well done. They could all be compiled together into a book !

Jo 
9:45pm • #2
308,212 Points 2 Featured Posts Localism Sponsor Called Shot Master

Hi, Vincent!  Your blogs are consumer oriented and that will pay off for you.  Keep it up--I'm also learning, rather re-learning from your posts.  So much details in our profession that it helps to be reminded now and then.  If you don't mind a suggestion, your posts are perfect for localism also, many consumers in your market will benefit from your instructive posts.  If you need help in posting there, please let me know.
10:53pm • #3
SEP
11
2007
296,556 Points Outside Blog

Dwayne- Thanks and I'm glad you got something out of it.

Jo- I love it when you comment. I'm putting together a book, but it has nothing to do with Real Estate. Just a few short stories that I've written over the years.

Yolanda- Thank you for the compliment. Getting my AR family to read my posts is a plus. I make sure that my posts go onto localism first. The purpose of my blogs is to get the info to the consumers in my local market and always with a link to one of my sites.

9:41pm • #4
FEB
26
2009
296,556 Points Outside Blog

Thank you for taking the time to read this post and visiting my blog.

As of this comment I have written 460+ blog post - from Stopping or Avoiding Foreclosure to MLS Market Statics For Brooklyn, Queens, and Long Island; to Loan Modifications and Renegotiating The Terms Of Your Home Loan No Matter What Your Situation Is.

I must admit I was a little skeptical when I first joined this community a few years ago. Since then I have helped LOADS of people to Buy, Sell, and Stop Foreclosures.  I've also been lucky enough to climb the charts and am currently #1... not only for my town but for the entire Queens County. I've even made it to #5 for the state of New York! Wow!!!

But let's put that aside and focus on the reason I writing this comment. I wanted to make sure that YOU get a chance to check out the blog posts I've written. These are the ones that I consider the most valuable to you.

I'm sure that You Know Someone that has been affected by the current market conditions and wishes to remain in their home and/or salvage their credit. So for all of YOU I wrote several articles on Loan Modifications. Let's begin by defining Loan Modifications before you jump over to that post.

Loan Modification- A course of action in which the terms of a loan (interest rate, the monthly payment and/or the term) are altered to meet the existing circumstances of the homeowner. This requires the approval of the lender.

In this post we recap the Top 10 Questions for doing your Loan Modification and we answer the following questions:

  • #1 - What exactly is a loan modification?
  • #2 - Will my bank include late fees in my Loan Modification?
  • #3 - Can anyone qualify for a loan modification?
  • #4 - Will a loan modification stop my foreclosure?
  • #5 - What is a standard Hardship situation?
  • #6 - Can my missed payments be added back into my new loan modification?
  • #7 - Will the bank stipulate an interior examination of the property condition?
  • #8 - Do I have to be presently behind on my payments to qualify for a loan modification?
  • #9 - Should I do a loan modification by myself or is it better I hire a professional to represent me?
  • #10 - What do I do first in order to begin to modify my loan right away?

You can click here or any of the highlighted hyperlinks to go directly to that blog post and find the most common Loan Modification Questions our full time staff has encountered.

Feel free to share this online article with anyone that is having a rough time with their mortgage payments OR Anyone who wants to learn how to save hundreds maybe even thousands of dollars a month by having us modify their home loan for them. Call 646-294-2561.

On several occasions I have also posted information on Buying Bank Owned REO's and Short Sales. So if YOU are looking to pick up a property for $0.60 maybe even $0.50 cents on the dollar AND wish to do so in Queens, Brooklyn, or Long Island - then these previous posts are for you.

How To Buy A Shortsale or Foreclosure in Queens - Brooklyn - Long Island NY

Home Buyer Affordability Is Thru The Roof!!! - Check out the video

Buying A Fixer Upper? Things You Need To Factor Into The Equation

First Time Buyer Tips to Put You In Control

Buying A Bargain Property?

How to buy an REO (Foreclosure)

Also, you can get a jump start on your search by visiting www.AllNYlistings.com where YOU will be given access to over 50,000 homes in the Queens, Brooklyn, and Long Island areas.

I know how frustrating it could be when searching for the right information online so I'm always happy to assist and answer any of your questions.

P.S. I also want to take the time to Thank ActiveRain and the creators of this superior online national real estate community.

P.P.S. Feel free to comment AND SUBSCRIBE to my blog to be sure to receive the newest most relevant blog post of interest to YOU.
10:54pm • #5


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Vicente A. Martinez Realtor Brooklyn | Long Island | Queens Homes

Woodhaven, NY

More about me…

Prudential Douglas Elliman Licensed Real Estate Salesperson

Address: 209-18 Northern Blvd., Bayside, NY, 11361

Office Phone: (718) 670-0927

Cell Phone: (646) 294-2561

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