How To Be The Buyer Every Seller Wants To Deal With
How To Be The Buyer Every Seller Wants To Deal With
For years, the real
estate market in Denver has been a
buyer's world, with ample inventory, fewer qualified buyers, and highly
motivated (desperate) sellers. This spring, most signs are pointing to a
seller's market. If you're shopping for
a home this spring and summer, chances are you'll face increased competition
from other buyers.
do you ensure you not only land the home of your dreams, but get the best
possible price from the seller and the best possible mortgage deal from your
lender? By becoming the buyer every
homeowner wants to sell to a financially stable, credit-worthy, pre-approved
as lenders consider many factors beyond your credit score, when deciding
whether to finance your home loan, sellers consider more than just the offering
price when evaluating potential buyers," says Barrett Burns, president and
CEO of credit score model developer VantageScore Solutions. "Buyers who
can move quickly and decisively, who walk through the door with their financing
lined up and their credit in good shape, are best positioned to stand above the
competition this year."
toward being a better buyer
can be a better buyer - one that will appear attractive to both lenders and
sellers - with some simple steps.
understand your credit score and the role it plays in the home buying process.
While a good credit score can ease the borrowing process for home buyers, it's
not the only factor lenders will use to gauge whether to approve you for a
loan, Burns says.
credit score predicts the likelihood of whether a borrower might default in the
first 24 months of a loan," he notes. "But lenders will also consider
how much of a down payment you bring to the table as a percentage of the
purchase price, your income and your debt-to-income ratio when considering a
that lenders will pull your score from all three major credit bureaus, so it
pays to check your credit report and score with all three. Reviewing your
report and score allows you to catch and correct errors, and have a better idea
of how potential lenders might view your credit worthiness, and rest assured
that obtaining this information does not impact your credit score.
your credit score is a more complex process than you might expect. You can test
your knowledge about credit scores at www.CreditScoreQuiz.org, a website
created by VantageScore Solutions and its partner, Consumer Federation of
you have a handle on your credit, consider other factors that can make you a
better buyer, including how much you have to put down on a house.
days of no-money down mortgages are virtually over, industry experts say.
Today, even FHA borrowers will likely need to make a down payment. How much you
need will depend on many factors, including the loan program you apply for and
the price of the house you're buying. Generally, it's a good rule of thumb to
save 20 percent of the purchase cost for a down payment.
in mind, the more you put down, the more instant equity you'll have, the lower
your monthly payment, and the better your chances of not needing private
mortgage insurance (PMI), which can add hundreds of dollars to your monthly
payment. If you're able to put down more than a lender requires, a mortgage
company may be willing to give you a pass on other issues on your application,
such as a less-than-stellar credit score.
and sellers are all looking for buyers who are 'the complete package,'"
Burns says. "While you should take care of your credit score, you
shouldn't obsess over it. Instead, look at it as an important part of the
overall package of assets that can make you the kind of buyer everyone wants to
Karen Venier is a
Broker Associate at Keller Williams. She is a part of Carr Peck Group which has
been recognized locally and nationally as in expert in real estate.
Locally they are 6th in Denver Metro home sales out of 5,000 agents
and have been recognized by the Wall Street Journal and Real Trends as one of
the top selling agents in America. For more information feel free
to contact heror call 303-908-9584.
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Author:Jason Peck Phone: 720-446-6301 Dated: March 13th 2014 Views: 2,695 About Jason: ...
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