Many of our Las Cruces sellers start out thinking that financing is only a concern when they are on the buyer side of the table. However, it is important for sellers to be aware of the financing situation with the sale of their new home.
For instance, how will you respond to these questions?
Are you willing to consider an FHA offer?
Will you hold the mortgage yourself for high interest and a five-year balloon?
Can I take over your VA loan if I'm not a veteran?
Would you drop your price $15,000 for all cash?
Preparing to judge the buyer's financing proposal requires homework on your part. Become familiar with the possibilities. Ask a mortgage consultant for a briefing on the current alternatives. Find out about new and innovative loan programs as they become available locally. Some lenders are more than pleased to provide a spreadsheet or flier for you to give to prospective buyers, showing several possible lending scenarios for your particular home in exchange for the marketing exposure they receive.
There is no single best financing plan out there. More than a hundred different mortgage plans are available from lending institutions in almost any given area. Each of these plans is there because it fits a certain situation best-buyer's need, seller's convenience, type of property.
Asking, "What's the best mortgage around right now?" is like asking a Las Cruces resident "Who has the best enchiladas in town?"
Most lenders in Las Cruces, working with a customer, develops a financing strategy for that buyer within the first few minutes of conversation. Recent bankruptcy? Better search for an assumable mortgage. Two young professionals with gradually increasing incomes? Suggest an adjustable-rate mortgage starting them out with the lowest possible monthly payments. A small business owner just getting established? Find a portfolio lender who is more generous with its loan program guidelines.
If you are using a Realtor, they will perform a cursory prequalification on the buyer, if this has not already been done by the buyer's agent or by a loan consultant ahead of time. The process involves an analysis of income, debts, assets, credit scores, and available cash to determine whether the buyer is financially capable of purchasing your home.
For these reasons and more it is important to work with a qualified and experienced Realtor in Las Cruces. We hope you will consider working with us to sell your home.
For all of your Real Estate needs
The Evelyn Bruder Team is here to assist you.
Evelyn Bruder, CRS, GRI, ABR, E-PRO, Cyberstar
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