Latest in Indiana Real Estate

Get Pre-qualified For A Conventional Loan

Last week, the TOP BUYER TIP in today’s seller’s market was to get pre-qualified (unless, of course, you are paying cash for your next home.) So, what does pre-qualified actually mean, and how do you get started?

Getting pre-qualified for a mortgage loan requires that you select a mortgage lender (Don’t know who – I have a few that I worked with for years and come highly recommended) to work with and obtain your loan. Visit our website for our preferred partners

Really, mortgage pre-qualification is a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate, subject to a property appraisal and other documentation. And in most cases, it’s FREE. Yes, I said FREE.

In today’s housing market, without one, you don’t stand a chance. Sellers are receiving multiple offers on their homes within hours of putting them on the market. Having a pre-qualification letter in hand proves to the seller that you are serious about moving forward and provides you with bargaining power.

If you need some help talking through this financial piece, give me a call at 317-625-0655. I am here!

7 BUYER TIPS IN A SELLER’S MARKET

- Get Prequalified For A Conventional Loan
- Have CASH To Work With
- Wording On The Offer Matters – It Needs To Protect You
- Know When To Pursue An Inspection And When To Forgo It
- Contingencies Will Not Work In This Market
- Be Flexibility On The Close Date
- And Above All – Have The Mindset To Be Successful

This is a tough market. Inventory is limited, and everything that needs to align to make it to the finish line is moving fast, really fast. Please be assured that it is possible. To ensure that you are set up for success, you need to have a trusted and experienced partner by your side. Let’s start talking!

Price is BIG though there are other factors to consider…

Price is big, but other factors can be even bigger when buying a home in this market…

No appraisal is better than having an appraisal. Some of this risk can be mitigated if a Buyer offers to pay some (or all) of any gap that might arise
Ca$h is better than financing. Conventional financing is better than FHA, VA, or RD.
“No inspection” is better than “Subject to inspections.” Inspections invariably cost money or deals
Not being subject to the sale of another property is a BIG plus

Each offer is different, and there may be other factors to be considered (like for example, last week we adjusted post-closing possession, which made the difference between telling my client “Congratulations” to “Let’s go back to the drawing board”)

I am here to help you through the home buying process. No doubt it’s frustrating though together, we can get you in that dream house. Give me a call (317) 625-0655