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Graduating in December? Make Sure You Pass Building Credit 101

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What You Need To Know For Winter House Hunting

What You Need To Know For Winter House Hunting

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The Seller Rejected Your Offer - What Now?


Finding the right home is a serious process. Just like any other long term commitment, you’ve likely spent a great deal of time finding a home that you love and can picture yourself spending your life in. So what happens when you think you’ve found the right one but the seller rejects your offer? Here are 3 ways to deal with losing out on the home you had your heart set on. 

1. Don’t obsess over the seller.

It is natural to want to know why your offer was rejected and you may want to start to ask questions about the seller’s motives. You could spend all your time doing that research, instead of continuing your search for a home. It may be difficult, but moving on is your best option. You will never know how a stranger is thinking, so rather than heartbreak, keep searching. They may want to come back to the table, but just in case they don’t, it is better for you if you are still trying to find a dream home.

2. If you haven’t put out your best offer yet, now is the time.

Maybe you wanted some room for negotiations, so your offer was lower than what you’re willing to pay for the home. This is the time to consider if this house really is ‘the one.’ If you feel that you are willing to exchange that wiggle room for your dream home, it is time to make that your best offer.

3. Move on when it is time.

If you’ve made your best offer and your seller just isn’t ready, it is time to move on. It can be easy to get hung up on a house that felt like it could be your next home, but you will be thankful that you focused on moving on. Even if it takes time, you will be thankful that you moved on and kept looking when you find yourself in your true dream home.

Just like any other long term commitment, searching for the right home is worth the wait.

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5 Must-Do's Before Buying a House

If you’re ready to begin the journey of homeownership, it is important to cross a few items off of your to-do list before hunting for the perfect house. Buying a home is a process, and you want to be as prepared as possible. Here are a few steps to take that will get you ready to buy a home.

1. Get your money straight.


A year to six months before you begin the buying process, find a lender and have them pull your credit. This will give you insight into what you expect and what you may need to mend before you can make the purchase that you want to. Your lender will be able to let you know what you qualify for based on your income at the time so that you can look for homes within your price range when the time comes.


2. Decide where you are willing to stay a while.


A home is a commitment. You can always resell, but with the transaction fees that come along with buying a home, you may end up losing equity if you try to sell your home quickly after buying it. If you don’t think the home is somewhere you can see yourself for several years, keep looking.


3. Don’t hesitate to take your time.


There is a lot more to the purchasing process than just buying a home. It is important to weigh the pros and cons of a home that you are considering buying. How is the neighborhood? Will the long commute be overwhelming in 6 months? Make sure you’ve considered the aspects of what makes up your day-to-day life and how your new home will help or hurt that process.


4. Know the difference between your dream home and a fantasy home.


Being realistic is a key part of making the home buying process easier on you. Your agent will work hard to make your deal the best it can be, but when it comes down to it, you will usually get what you pay for. Major discounts typically mean you will have work to do, and that doesn’t necessarily mean a steal for you. Be realistic during your search and keep in mind that the perfect home might not be out there, but that doesn’t mean that your dream home isn’t.


5. Find an agent for you.


Finding an agent that works for you take a major weight off of your shoulders in the home buying process. Ask your friends and family, and look into local agents that come highly recommended. When you find a trusted agent, they will be able to show you houses that you can’t find from a simple internet search and be able to negotiate for you along the way. It is their specialty - don’t waste the time or energy trying to do the job of a realtor on top of everything else you have on your plate!

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Fall Maintenance Check List

Thanksgiving is quickly approaching and depending on where you live, there is a good chance fall weather is coming right along with it. Before the season is in full swing, get a head start on your seasonal maintenance. By preparing for fall weather, you can address any issues that may get worse with colder temperatures or just keep your home in the best condition to make sure your property is in top shape no matter the season. Here is a great reference checklist to make sure you’re doing the basics to get your home ready for fall!

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AVOID THESE MISTAKES THAT DELAY LENDER APPROVALS!

If you’re getting ready to buy a home, you’re likely realizing that one of the most important parts of the process is getting approved for a mortgage that works for you. To get the best rate and avoid losing your deposit, steer clear of these common mistakes.Leaving out details from your financial profile.


The best way to avoid doing this is having a great mortgage lender. Making sure you include not only your basic information, employment and living history, income, assets and debts, but also ensuring you answer every single question. Leaving details out of your profile can throw off the entire process, so having someone who is meticulous enough to make sure all your information is made available is key.


Assuming pre-approval is equal to actual approval.


Pre-approval for a mortgage means that you’ve talked to a potential lender or maybe even provided some documentation that gave the impression that you will be approved for a certain amount. Don’t be confused - this is not an actual approval. You need to make sure your loan is approved by an underwriter before making any offers to buy a home. When you are “underwriting approved” you will be able to get a formal loan commitment. Without this document, there is no proof of actual approval, meaning that your profile has been evaluated but nothing official to show approval.


Failing to provide every single piece of documentation needed.


Your lender is going to want very detailed documentation of your financial profile, including the following:


Pay stubs covering 30 days


2 of tax returns & W-2s


YTD business financial statements (if you’re self-employed)


2 months of statements for all your asset accounts


Explanations and paper trails of all deposits withdrawals over $1,000


A home insurance quote with adequate coverage


Full financial information on any other homes/businesses you own


You will need to provide all these documents, and if you have a commissioned or variable income, you will need to give permissions to your lender to verify that income. Your credit will be run, which can expose any information you didn’t disclose.


Not knowing enough about mortgage rates.


Once a seller accepts your offer, you will be in contract on that home and you will be ready to lock in your mortgage rate. You cannot lock your rate until you’re in contract, which means that any rate market movement can impact you until then. Rates change throughout each day, and they are priced based on how long they are locked. A shorter lock, about a month or less, will have a lower rate than a lock of 60+ days. If you want to avoid any surprises, talk to your lender and ask them to use your closing timeline to quote rate locks.

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Contact
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Kristen Thakur

404-951-9797

kristen@garealestatepartners.com

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