Are You A Real Buyer?

Mortgage and Lending with Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL NMLS 223305

A post not long ago about agents showing property to buyers who have realistic expectations made me think about some of the calls/emails/texts I have received from prospective buyers over the years. Realistic expectations weigh heavily in the equation leading to a successful home purchase. So do being ready, willing and able to buy. You might ask “What does that mean exactly?” I’m glad you asked…


House Photo credit: <a href="">Jimmy_Joe</a> via <a href=""></a> / <a href="">CC BY</a>Ready...

You have selected an experienced, reputable, responsive mortgage loan officer and are ready to work with them as a team toward your goal of successfully financing your home purchase. After your initial conversation with them, you will be asked to gather together the necessary documentation to begin your home loan application processing, strategizing with them on any necessary preliminary steps you may need to take to prepare if you have credit issues lingering, or may need additional funds for down payment|closing costs then you originally were prepared for, or have other debt to pay down|off. Your preapproval will then be as solid as it can be, having completed the review of your credit, income and assets to determine the price range you qualify for so you’ll know your price range, and if you have a solid buffer on what you qualify for, or if you are pushing the edge and need to work very closely with your mortgage loan officer and Realtor before writing an offer to make sure the terms are in the parameters of your loan preapproval. No one needs to lose their option or inspection payments simply because they didn’t confirm available interest rates in a volatile interest rate environment, the amount of the property taxes|HOA dues for the home they are interested in purchasing will still be within their qualifying range, or the home is eligible for the loan|down payment assistance programs they are utilizing. You have selected the Realtor you are going to work with and plan to remain loyal to them. Jumping from one Realtor to another is not going to generate the loyalty and extra effort you are very likely going to need from your Realtor in the Austin Metro Area that is booming and highly competitive. You will have discussed your needs|wants in a home, areas, schools and possible compromises or adjustments you may need to consider if those needs|wants are not fully aligned with your price range.



You MUST be responsive and proactive! If your mortgage lender requests documentation, get it to them ASAP or you may find yourself missing your closing date and paying penalties in your contract, paying lock extension fees on your interest rate lock, or having your seller not agree to extend your contract because there is a more favorable offer waiting in the wings. The paperwork is necessary and Asleep Photo credit: <a href="">kashmut</a> via <a href=""></a> / <a href="">CC BY-ND</a>unavoidable, as the “easy qualifying” days disappeared in the housing crisis. If your Realtor lets you know a prospective home is coming available, check it out right away. You snooze, you lose!In a heated market like the Texas Hill Country, waiting will likely mean losing out to one of the swarm of other buyers who got there ahead of you. If you have trouble dealing with this type of market, you may want to consider buying brand new construction which is also prevalent to many Austin Metro area markets, in which case the new home builder is going to require you apply with their “preferred lender” in addition to the one you have selected.



Even having completed the above to be ready and willing, you don’t want there to be something that comes along and derails your plans which you could avoid. While you are in the process of buying your home, you want to avoid applying for new credit, increasing existing balances, transferring balances from one credit card|loan to another, making|missing any payments, initiating a dispute with a creditor, changing jobs, or moving funds around. Even if resolvable, the delays could cost you. If your selected Lender|Realtor becomes unresponsive to you, this may be a reason to select a different one in order to reach your goal.


Austin TX Photo credit: <a href="">Definitive HDR Photography</a> via <a href=""></a> / <a href="">CC BY-NC-SA</a>



Here in the Hill County of Central Texas, it is a very active market with multiple offers on the majority of the available existing homes for sale.





If a Buyer wants to even be in the running, they HAVE to have their ducks in a row, having completed Ducks in a row Photo credit: <a href="">gothick_matt</a> via <a href=""></a> / <a href="">CC BY-NC</a>the preapproval process for their financing and chosen the Realtor they want to represent them, forming the team who together will work toward their goal of successfully purchasing a home. 



Nothing like a well-seasoned, dedicated Mortgage Loan Officer and Realtor to assist you on your journey, making what can sometimes be a complicated, challenging process smooth and fruitful.


See you out there!

Posted by

Karen Cooper Southern Oregon|California Mortgage ConsultantKaren Cooper - Home Lending Advisor Nationwide

               NMLS #223305


Comments (1)

Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

"Ready" has been the latest challenge for me.  I have had several alleged Buyers who could write checks for whatever house they wanted... but they just kept looking, and looking.  Finally, I cut them loose.

May 11, 2016 10:55 AM