Archive for the ‘Mortgage’ Category

Mistake #5: Neglecting to Get a Preapproval Letter Part (2)

Your preapproval letter attached to your offer makes the seller take it seriously and can be the difference between acceptance and a counter or rejection. For example, when Ryan and Brittany felt ready to buy their first home, they met with a lender they had chosen after talking to several possibilities.

Mistake #5: Neglecting to Get a Preapproval Letter

A branch manager at First American Title Company has estimated that about 30 percent of the transactions at her branch fall apart or are delayed before closing. The most common reason for this is the buyers’ failure to be preapproved for a loan before making an offer. This mishap can result in lost time and [...]

Mistake #4: Alienating the Sellers, Thereby Losing the Deal Part (2)

Don’t ask sellers what would the lowest price would be that they would accept. This puts them on the defensive, makes you look like a predatory bargain hunter and hurts your credibility. Again, if you feel the price is too high, make a written offer and let them accept or counter with their lowest price.

Mistake #4: Alienating the Sellers, Thereby Losing the Deal

Buyers often say and do things when dealing with sellers that can cost them the deal or cause the sellers to dig in their heels and cut off negotiations. You can use the following dos and don’ts as you look at homes and talk to sellers. Don’t badmouth a home as you walk through it. [...]

Mistake #3: Buying a Home Before You have Sold Your Current One Part (2)

Unfortunately, their old home needed some work to make it saleable, and Robert and Andrea were unwilling to put time or money into it because they were focused on their new home. But when their new home was finished and ready to close, their other home hadn’t sold—or even had an offer.

Mistake #3: Buying a Home Before You have Sold Your Current One

If you own a home and sign a purchase or construction agreement on another one before you have sold your current home, things can get sticky. Some homeowners hope they’ll be lucky and sell their house before the deadline.

Mistake #2: Failing to Get Your Ducks in a Row before Committing Part (2)

In the end, they were unable to cover both the down payment and the remaining lease payments, and as a result they lost both the house and their deposit. In a similar lease situation, rather than have the deal fall through, the sellers offered to pay the buyer’s three months of remaining rent.

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