Pinetop White Mountain Blog

Good Morning Everyone,

I thought I would address some steps Buyers should take when they are getting ready to buy property.  There have been many instances lately where lack of proper preparation on the part of buyers has ultimately cost them the Home of their Dreams.

What I am referring to is getting Pre-qualified prior to making an offer on a property.  Sadly lack of preparation is often the most common reason a Home Sale falls apart during escrow.

Lending in today's market is tough.  Underwriters are absolute in their loan requirements and cannot and will not by pass any conditions on funding a loan.  The process for the borrower is difficult, intrusive, and truly can take the fun out of buying a house.

In recent months I have had a couple of sales go sideways at the last minute because a buyer was either unable or unwilling to provide the documentation to the lender that the underwriter required.  One was because what the underwriter wanted couldn't be had, and the second was because somewhere in the process a processor didn't do their job and a critical fact regarding the buyer was overlooked.

Here is the reality.  If you want to buy you are going to need to bare your soul to the lender and they are going to pry in to every aspect of your life before they are going to approve your loan.  If you are Veteran and you intend to get a VA Loan, make sure you apply for your Certificate of Eligibility as soon as you find the property you want.  If you are thinking about an FHA Loan, make sure you know how much cash you are going to need to close.  The cost of FHA Loans has gone up considerably in recent months and you can expect more related costs in the near future. 

If you would like more information on this subject feel free to contact me or better yet, contact the lender of your choice before you start Home Shopping.  That way you will know up front what you can comfortably afford, what the costs associated with the loan are going to be, and what kind of loan you will qualify for.  The financing situation has changed drastically since the Economy tanked and it is a lot harder to acquire financing today than it was a few years ago. 

I hope this information helps, feel free to contact me if you would like information about local lenders and would like assistance with "Finding Your Perfect Place".

Thanks for reading, until next time................!

Sandra Paulow, Associate Broker, GRI, SFR, REALTOR® 928-242-0300

Your High Country Connection for Real Estate!