Overcoming Real Obstacles to Purchasing A Home

It used to be, you go look for a home and if you found something you like you contact your bank, secure your financing and submit an offer.
Your offer was accepted, you go into escrow, it closes, you're done.

Not in today's market, it's a whole different story.

Here's what happening, client searches to find a home, after 3 to 6 months, they finally find the house they've been looking for. They decide they are going to go make an offer, but never checked with a bank whether or not they can get a loan. While they were busy with the bank, someone else came in and made an offer and bought their house.

That person had their paperwork in order to make an offer.

In today's market you will need the following things to make an offer:

1)Pre-Approval Letter - it means that the bank has run your credit, verified your income and whatever else they do to give you a loan. You are essentially approved for a loan, you now just have to find the house.

2)Proof of Funds - that means if you are going to put 3%, 5% 20% etc whatever money you are putting down, you need to show proof of it. If that money is sitting in a bank account, they will want bank statements to show the money is there. If you are using stocks or bonds, they will need copies to show that is where the money is coming from. They want a paper trail, to show where you're money is.

3)3% deposit check of the purchase price So if the house you are going to purchase is $100,000.00, you will need to submit a check along with your offer in the amount of $3,000.00

4)Your Offer

But I thought this was a buyers market? It is a buyers market. Not the buyers market of yesterday, it's a 2009 buyers market. What do I mean by that, I mean that if you find a good piece of property that is in a good neighborhood and is priced well, guess what, 20 other people want what you want. Not all properties are the same, they each have a story and not all the properties on the market are in good neighborhoods, in good shape and priced well.

That's the reality of the market today, but that's ok, that's why I'm here. To help you beat the game and win by not only finding the right home for your but help you buy the right home for you.