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Trying to Find the Right Buyer?? Well Think About This....

Mortgage and Lending with Mortgage Interest Rates

When properties are listed we all get stuck on the listed sales price, throughout the selling process.  Well did you think that possibly that buyer who comes along with good credit but is having difficulty qualifying, due to either low funds to close or the interest rate is preventing the buyer from qualifying, that there could be a way to get a signed contract into escrow.   Think about approaching your seller to pay a credit to buy the rate down for the buyer rather than lowering the price of the home. 

"Seller rate buydown."   This helps the buyer qualify. Lenders have no problem with the seller helping out.  Talking to the buyer's agent and understanding the needs of the buyer, when there is a "stalemate" in the process, will get you further than just being a listening ear.  It could mean a very happy buyer and seller when we stop to understand what is really going on.

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    Patty Rowan

   California Mortgage Banker/Broker/Orange County  

     949 689 4465

     Newport Beach, Ca 92660

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Trang Beuschlein
Homes for Sale in Campbell CA- Broker-BKR Realty - Campbell, CA
Campbell CA Real Estate - Campbell CA Homes for Sa

Patty, good outside the box thinking.  Sometimes we need to be creative to get a deal done.

Apr 13, 2011 03:19 PM
Patty Rowan
Mortgage Interest Rates - Newport Beach, CA
Mortgage Interest Rates, Mortgage loans, Low Interest Rates,

Thanks Trang!  Yes we all get caught up in looking at the end result and don't realize there are a few ways to achieve the end results.  I do this on occasion, forgetting that a borrower may want a lower interest and would consider a shorter term fixed loan.  Especially in this "New" mortgage marketplace, where we as professionals see the rates as being low, when the borrower thinks the 30 year rate we quote them is high.

Consumers are not aware of all the mortgage loan options that are being offered.  In an effort to not confuse them, we sometimes cut ourselves short and forget that there is more than one way to achieve the end results.

Same thing happens when the contract is being negotiated or when the borrower suddenly realizes their dream home is slipping away because the lender declined them.  Most people close up shop and go another direction, when we could get creative and offer something like the seller rate buy down or the seller carrying the second or the seller paying for a mortgage insurance payment.

Lot's to think about!

Apr 14, 2011 01:42 PM
Nick Krehnke 425-202-5655
Barrett Financial Group - Seattle, WA
"Your Trusted Expert Friend in the Home Loan Biz"

I love the seller buydown because:

1. Big savings for seller--The price cut needed to get the same buyer benefit is over 3 times the cost of the buydown!

2. Helps our governement and preserves property values-- Higher sale prices mean the government gets more property tax revenue AND it preserves values because the buyer benefit was made possible without a price drop! :)

May 13, 2011 11:22 AM