Buyers, here is the #1 best formula to save money on real estate, besides making a full cash offer.
1. Have your loan officer pre-proccess your mortgage. This is better than a pre-approval letter. Tell them that you want your loan package ready to close, then all you need is a house and a satisfactory appraisal.
But, how can this save you money? Now you have much more power to negotiate hard.
2. Offer the sellers a quick closing (two weeks). This really gets their attention. They will accept thousands less than they otherwise would have.
3. Have your attorney hold a large escrow deposit, if you have the funds available. This shows that you are extremely serious.
Notes about lenders: I have found that a good mortgage broker is better that going directly to a bank. The main reason is that your file is handled with care and attention, instead of being just another file among hundreds or thousands. Also, be sure to hold on to that Good Faith Estimate. Your loan officer will give it to you at the start. Keep it. Read it. Study it. This is a list of costs that you will be paying to buy your house.
Sellers, you can increase your sale price with a few techniques.
1. Buy some paint, remove clutter, and fix the broken items.
2. During showings and open houses, leave the premises. The buyers want to linger, but they won't do so if you are there.
3. Place a lockbox with a key, so you don't have to turn away showings.
4. Purchase a home warranty for the buyer. This covers the home for one year after the sale. It's actually the best $400 that you'll ever invest.
1. Have your loan officer pre-proccess your mortgage. This is better than a pre-approval letter. Tell them that you want your loan package ready to close, then all you need is a house and a satisfactory appraisal.
But, how can this save you money? Now you have much more power to negotiate hard.
2. Offer the sellers a quick closing (two weeks). This really gets their attention. They will accept thousands less than they otherwise would have.
3. Have your attorney hold a large escrow deposit, if you have the funds available. This shows that you are extremely serious.
Notes about lenders: I have found that a good mortgage broker is better that going directly to a bank. The main reason is that your file is handled with care and attention, instead of being just another file among hundreds or thousands. Also, be sure to hold on to that Good Faith Estimate. Your loan officer will give it to you at the start. Keep it. Read it. Study it. This is a list of costs that you will be paying to buy your house.
Sellers, you can increase your sale price with a few techniques.
1. Buy some paint, remove clutter, and fix the broken items.
2. During showings and open houses, leave the premises. The buyers want to linger, but they won't do so if you are there.
3. Place a lockbox with a key, so you don't have to turn away showings.
4. Purchase a home warranty for the buyer. This covers the home for one year after the sale. It's actually the best $400 that you'll ever invest.