Strategies when it's time to buy.

Apr 4, 2021

Well, we're headed into spring! And, just like the budding daffodils, you might be making the decision that the time is right to begin finding a new home for your family. There are several things you should remember when buying a home - like using a CENTURY 21 House of Realty BROKER. With that first fact known, what else should you be mindful of? Here is the first of severeal important steps in your home buying strategy.

1. Getting pre-approved. Do you want to get the best house you can for the least amount of money? Make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiating process but not necessarily the most important one. Often, other things, such as the strength of the buyer, or the time it takes to close are critical to a buyer. From many years of practice, I always recommended the buyers get pre-qualified by a lender. This means that you spend a few minutes on the phone with the lender who asked you a few questions and, based on the answers, they pronounce you pre-qualified and this is the certificate that you can show to a seller. Though I understand that seemingly important step, Sellers are aware that such certificates are worthless! And here’s why. None of the information has been verified! Often times, unknown problems surface! Part of the problems I’ve seen include recorded judgements, child support payments due, glitches on your credit report due to any number of reasons, past credit reports posting accurate and/or accurately details about your credit history, down payments that have not been saved long enough for the lender's comfort, etc. So the way to make a strong offer in southern Illinois' very competative market today is to get pre-APPROVED! This happens after all the information has been checked and verified and you’re actually approved for the loan; so only loose ends, such as the appraisal and title work are left to be completed! This process can be quick or take a few days and in rare cases a week or longer depending on your situation. But it’s a very good weapon to provide a seller because it shows that you've done your homewok and are very ready to negotiate. Your sellers will be excited to see the pre-planning you've done and will be more eager to entertain your offer instead of a competing offer that hasn't even started.