Home Buying Tips on the Uncle Henry Show
You can hear Jason Will discuss South Alabama real estate market trends every month on “Ask the Expert” with Uncle Henry by tuning into news radio 710am. Our first show in the new year was directed toward first-time homebuyers with special guests, Diana Will, Jason’s lovely wife and VP of the Buyer Division for Jason Will Real Estate and Rob Smith, her preferred mortgage lender with Barr Group Mortgage. Diana and Rob share a common goal in the home buying process, which is to inform their clients so that they are in the best possible position to accomplish their real estate goals.
Becoming an informed homebuyer is accomplished by attending consultation appointments with both the Realtor and the Mortgage Professional. Yet, Diana cautions prospective buyers to make sure they select full-time professionals with stellar track records. Use Google to research real estate industry professionals in your area, as well as personal referrals from friends, family members and co-workers. If you call Diana first, she is going to connect you with one of our preferred lenders, to make certain that you can be approved for the loan that meets your monthly budget. In terms of credit score, Rob describes the “magic credit score” as a 640 or better and your credit should be pulled your lender and not researched online.
Rob warns buyers against relying on mortgage calculators, as those don’t often include taxes and insurance costs, which are vital to arriving at an accurate estimate of personal affordability. Sellers will expect to deal only with pre-approved buyers, so they will require a copy of your mortgage pre-qualification letter to be provided along with the purchase agreement. If you submit an offer on a property without a letter from your lender, then you could lose valuable time in the negotiation process and open the door for qualified buyers to win the bid. Homebuyers need to approach this process with a “Play to Win” mindset! If you would like to listing to Rob’s complete interview with Uncle Henry, please press the play button below:
Once you and your lender have a agreed on range of affordability, then it is time to sit down with Diana for her 20 Point Homebuyer Consultation to review your goals, go over the specifics of your loan program and discuss the interior and exterior amenities you desire, so that she only shows you homes that meet your criteria. It is important to note that Diana urges her buyers to speak with local lenders who understand our coastal insurance costs and property taxes, ultimately jeopardizing your chances of owning your dream home. These consultations, both with the lender and real estate professional, will take about 45 minutes to an hour and are essential to saving you time and money on the backside. Diana will also educate you on what to expect from the contract to the closing table, so that you can proactively prepare for any problems that arise.
As our South Alabama real estate market continues its shift from a buyer’s market to a seller’s market, buyers will need to understand the current conditions in their desired areas, some of which may be more competitive than others. For instance, if you are looking to buy a condo in South Baldwin County, where inventory levels are falling and prices are rising, it would be unwise to elect to submit a low-ball offer. Here again, you will be advised to adopt a “Play to Win” strategy in the event that you unknowingly find yourself in a multiple offer situation.
To listen to Diana’s full interview with Uncle Henry, simply press the play below:
and for home home buying tips and tricks, contact the real estate sales office of Jason Will Real Estate at 251-866-6464.