Tips for Buyers... Please read and add your own

By
Real Estate Agent with Steve Roake Homes - Keller Williams Realty Infinity

Tips for Buyers...

Often, people are their own worst enemy and they do things that seem reasonable but with a little experience they would realize are completely harmful to their objective of owning a home.  

This week in real estate....

No shopping before buying a home!Potential buyer #1 inherited over $20,000 and the lender approved of him starting to look for a home to buy.  However, he also decided to buy a new car (increased debt by $150/mo) and go on vacation.  Now, with only $5,000 left he has to cancel a purchase because he doesn't have enough funds remaining to qualify for the loan (house needs renovation loan).  That extra $15,000 would have gone a long way toward keeping the deal together.  Moral of the story:  If you're planning to buy a home, please hold off on all other major purchases that would deplete your cash reserves.  Also, don't open any new lines of  credit until after the closing as we don't want your credit score to drop at the last minute, either.

Potential buyer #2 has a shoebox where he keeps his cash.  He'd like to buy right away, but the lender says he has to deposit the money into an account (anything over $500 cash triggers a bank report to Homeland Security) and probably won't be able to qualify for about 2 months.  Moral of the story:  Piggy banks are for kids.  Keep your money in a bank account.  It's really the safest place to put it (the lender and I both, jokingly of course, thought of visiting the buyer while he wasn't home to look for his shoebox).  Plus, it allows lenders to see you as a responsible, credit worthy person.  

Unless you have cash, and not many people do, please, please, please get a preapproval letter before trying to schedule showings.  Nobody wants unqualified buyers.  

Potential buyer #3..... please fill in your tips for buyers

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Steve serves the real estate needs of buyers and sellers in Shorewood, Plainfield, Joliet, Crest Hill, Romeoville, Bolingbrook, Oswego, Minooka, New Lenox, Aurora, Naperville and NW Will County.  Specializing in short sales, investment properties and first time home buyers, Steve attacks problems with a tenacious outside the box approach and keeps working where many others would have given up.   

To learn more visit www.getmovingwithsteve.com.  Specializing in Shorewood IL Real Estate, Plainfield IL Real Estate, Joliet IL Real Estate, Minooka IL Real Estate, Channahon IL Real Estate, New Lenox IL Real Estate, Oswego IL Real Estate, Bolingbrook, IL Real Estate, Romeoville IL Real Estate, Naperville IL Real Estate and Homes For Heroes Affiliate - Learn more or Register at PlainfieldHeroes.com 

 

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