Misinformation can cost you your Dream Home in Woodbridge, Virginia
I love doing Open Houses because I get to meet so many buyers who have come out from behind the computer to see the homes in person.
Most are savvy they know what they are looking for and have been pre-approved which is awesome.I am finding many are walking around with a pre-approval that is 60- 90 days old. Folks the lending world changes often just like the real estate market so buyers need to have their pre-approvals updated here is why.
I met a buyer at an Open House last week and we struck up a conversation. She lived in the community and was coming by to see what the home was selling for. As we talked I learned that she was thinking of moving and renting her home.
She said she had spoken to a lender about two months ago and was pre-approved but was having trouble finding a home that meets her expectations. I asked her what she was looking for an what was holding her back. As we talked I learned what she owed on her home, she already has a renter lined up to rent her home at a positive cash flow and she was otherwise debt free with strong income and excellent credit score.
"So where's the problem I asked "
Based on what she was saying there should be no issues finding the home you want in the price range you indicated.
And then the Misinformation tumbled out from her lips. She said with having to qualify with my present mortgage payment and the new one I need to stay under $400,000 and everything I like is $450,000+. She said I am comfortable with the payment, but I do not qualify for it on paper.
That is when I asked "Are you sure you do not qualify?" 
I heard you say your pre-approval is about two months old and we have had some significant changes in the last 60 days in lending guidelines. One of which relates to converting primary residence to a rental. I explained that as of June 30th lenders can now count your rental income for the home you will be renting. There are some guidelines they must follow, but I feel confident if you call your lender you will find you are not dealing with the latest information. She was ecstatic and was going to call him right away.
Buyers who are shopping online do not have the benefit of talking through their situation with a professional. In the case above this young woman lost two dream homes that she could have purchased had she been working with a knowledgeable, local REALTOR who understood her specific needs and wants and her financial situation. It all goes hand in hand if we are missing important facts you will have misinformation and in the world of Real Estate that could cost you. And months in lost time also means increased rates and prices and lost buying power...OUCH!!
So if this sounds like you take a chance and contact me or the REALTOR of your choice and let them help you pull it all together. Not all agents are the same I feel blessed to have work in this business for 26+ years and also worked in New Homes so I have been trained to understand loan options which are a huge benefit for myself and my clients. As your Buyer Agent, I can typically save you the buyer, time, money and stress by getting you headed in the right direction to our real estate goals.
What are you dreaming about Contact Me Now And Let's Talk!
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