Tag Archives: real estate investing

Sizing Up the Housing Sector for 2017

 

At the recent 2016 Realtors Conference and Expo in Orlando, Florida, National Association of Realtors (NAR) Chief Economist Lawrence Yun and Atlanta Federal Reserve President and CEO Dennis Lockhart discussed economic conditions they believe will result in a “net positive” for housing in 2017. Continue reading

5 Negotiation Tactics That’ll Win a Home Bidding War

 

The National Association of Realtors reported at the end of July there were 2.13 million existing homes available for sale across the country. That might seem like a big number, but that figure is actually 5.8% lower than during the same month one year ago. And the inventory of homes for sale has fallen for 14 straight months.

This means that when you do find a home that you’d like to buy, you might be bidding against other potential buyers who want the same property.

How do you increase your odds that you’ll actually win such a bidding war? Here are five tips that can make a difference:

1. Get Pre-Approved

The single most important step in winning a bidding war is to make sure that you are preapproved for a mortgage loan.

In a preapproval, a mortgage lender will run your credit and ask for you to prove your monthly income and debts. You’ll have to send your lender such documents as your two most recent paycheck stubs, last two bank statements, and last two tax returns. Your lender can then determine how much money it is willing to loan you for a mortgage. To close the process, the lender will send you a preapproval letter stating that it is willing to loan you a certain amount of dollars.

Having this preapproval letter makes you a stronger buyer. A seller knows that you can qualify for a mortgage loan, and that the home sale is less likely to fall through if the seller accepts your offer. If a seller has to choose between a preapproved buyer and one who’s never met with a lender? The odds are high that the seller will choose the buyer who boasts that preapproval letter.

Get the figures and the rest of the story here

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