Frequently Asked Questions
The market here in the triangle has shifted more towards a sellers’ market recently. I am seeing multiple offers on my listings and it all sounds great! However, please keep in mind not all buyers are cash buyers that do not require an appraisal. Some cash buyers order an appraisal for their own piece of mind.
If you have to get a loan in order to purchase your home, then consider the following questions during your negotiations:
- 1. Are you paying over market value?
- 2. Do you expect the sellers to reduce their price if it does not appraise?
- 3. Are you willing to pay the difference?
- 4. Did you ask for closing costs (i.e. asked the seller to pay some of your closing expenses),
- 5. Do you expect the sellers to make repairs even though the contract says in current condition?
I ask my buyers this upfront because in the past two years I have seen what I term buyers’ remorse a day or two after they “win.” The buyer may call a parent, grandparent or close friend to explain how they just bid out a ton of other buyers. When they seek advice from trusted confidants, the deal can turn sour quickly!
The key to understanding the pros and cons of multiple offers from my experience is set expectations. It sounds great to get more than asking price for a seller, but perhaps taking a deeper dive into the buyers’ or sellers’ psyche before accepting the offer may be a smart move for everyone!
Are you member of a credit union such as Coastal Federal Credit Union or State Employees Credit Union (SECU)? They have a great 100% mortgage product that gets you into a home very little. These products can have adjustable rates after a period of time, so just make sure you read the details and understand what it will mean for your payment.
Another option may be USDA, yes I said it USDA! There are certain locations within the triangle vicinity which have the option of 100% financing through USDA. Contact me for details.
Are you aware of all the special lending programs that are available to help you make dreams of buying a home a reality?
One that I have had several clients utilize lately is the NC Home Advantage Mortgage™. This program offers down payment assistance up to 5% of the loan amount and if you are a first-time home buyer or a military veteran, you may be able to boost your savings with a Mortgage Credit Certificate that can save you up to $2,000 on your income taxes every year!
There are still 100% Financing options are available at record low rates! Are you a member of a credit union? Have you considered USDA financing? Don’t know where to start? Contact me today! We can help you step by step through the process!