Why You Need a Pre-Qualification Letter

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Today, we will discuss the importance of the pre-qualification letter. The pre-qualification letter is essentially physical evidence that you can afford a home. 

The pre-qualification shows seriousness to all parties involved: your own agent, the listing agent, and the sellers. A pre-qualification also helps to inform the buyer. You'll know how much you can afford, and you can plan on how much you actually want to spend. 

The lifespan of a pre-qualification letter can vary from lender to lender. If nothing changes, it could be good for up to 90 days. It's important that you don't change anything. Please don't quit your job or buy a car. Don't do anything that would significantly impact the numbers your lender has pulled.

In terms of what the pre-qualification letter says, my preference is not to have a number on the letter. We merely include the letter in the offer packet. The seller doesn't need to know how much you could afford. That would definitely hurt your negotiations with the seller if they know you can afford $250,000 but you're only comfortable offering $200,000. Frankly, it's none of the seller's business how much you could afford.

 

When you get a pre-qualification letter, you're not required to stick with that lender. However, whether you change lenders or not, make sure you select a reputable lender. 

If you have any questions on today's video, give us a call or send us an email. We would be happy to help you!

The Value of Home Staging

 

 

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Today, we'll discuss how to prepare your home for the market. There are a few misconceptions about home staging, and many sellers don't see the value in it. In our experience, we've found that investing a little bit of time and money into staging your home increases the chances of selling your home faster and for more money.

The first, most important thing you can do is declutter your home. This is extremely cost-effective. Pack away anything you don't need while you are selling. Take down any pictures or personal items that may distract potential buyers from envisioning themselves living in your home. 

Adding a fresh coat of paint is another low-cost, high-return option for preparing your home for the market. If you have peeling paint or bright colors, paint over them with neutral earth tones.

Next, you can consult with a real estate agent or professional home stager to give you some advice on staging your home room by room. Our goal is to make your home appeal to the maximum number of potential buyers. It's a highly customized process; we may use your existing furniture, or bring items into the home. If you occupy the home while it's on the market, you need to maintain its appearance, because sometimes clutter will creep back in. 

If you have any more questions on home staging, or about real estate in general, give me a call or send me an email. I look forward to hearing from you!

Why Is a Final Walk-through Necessary when Buying?

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Today we are going to discuss what exactly happens on a final walk-through when buying a home. It’s very important to have this final walk-through before closing so you protect yourself as a buyer in the event that something has happened to a home since your inspection. We have heard horror stories of trees falling on homes the day before closing, and that’s just not something you want to have to deal with.

We do our final walk-through immediately before signing the final papers. If we are closing at 2:00, we would have the final walk-through at 1:00. Usually at the walk-through, we have the buyers and their agent, as well as the seller’s agent and sometimes the seller. We then physically walk through the property to confirm it is still in the same condition it was before.

Sometimes things pop up during the final walk-through. A common concern is the seller leaving personal property behind. If something like this pops up, it’s the agents’ job to work together to find an appropriate solution. Once that is found, we will go sign the papers together.

If you are an out-of-town buyer or looking at a vacation property, that is just fine. We have represented many buyers in the past at the final walk-through, and would happy to represent you and pass the information along.

If you have any questions for us, feel free to give us a call or send us a quick email. We can’t wait to hear from you!