The Summer Sales have started with a Fury! Interest Rates are at an all time low, and Inventory continues to be a challenge. If you are in the market to purchase a home, it’s of utmost importance to contact your Bank or a mortgage lender to get pre approved. When making an offer, most sellers want to see a lender letter stating that you are pre approved for the amount you are offering. In order for this to happen, they need to review the following documentation.
1.Employment information for the past 2 years.
2. Residence address for past 2 years
3. W-2 and tax returns for the past 2 years.
4. All bank account statements for past 2 months.
5. Pay stubs for past 1 month
6. Copy of Social Security Card and other form of photo ID
7. Loan information on other Real Estate properties.
8. Certificate of Eligibility and DD214’s (VA)
9.Divorce, Foreclosure, and/or bankruptcy (if applicable.
Once approved, you can start viewing homes with your Realtor. The market is still very much a sellers market, in most cases you will be competing with other buyers.
With Covid-19, Gone are the days of multiple buyers viewing homes at the same time. Overlapping showings are not allowed, so it’s important to plan ahead. I have seen entire days blocked , due to the high demand. If you can view properties during the weekdays vs weekends , there seems to be less traffic. If homes are priced well, and are in good condition, they sell very quick, and usually for the asking price or more.
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