Philadelphia Real Estate Helpful News and Views : Buying a House Play it Cool in a Hot Market Be Prepared

Buying a House Play it Cool in a Hot Market Be Prepared

Buying house in Hot Market

Looking to buy a house and the first thing you as a buyer want to do is look at houses . Of course you do . You are excited t know what you want . Many times you look at a sign or on the Internet call  and want to look at the house . You may call an agent that someone told you to call and ask them to show it to you . You see the house and decide you want it then find out you cannot buy it .  Why not ?  Well you may not be qualified under mortgage guidelines . It is called income to debt ratio . How disappointing

 

You started in the middle instead of at the beginning . You need to start at the beginning especially in a hot market  . It is important to sit down with a mortgage banker first . By sitting down with a mortgage banker you can find out just how much money you can afford for a house . Not just in price but in how much you will need to put down   You will also need closing costs .  Perhaps there are special programs out there specifically suited for someone in your income bracket . Maybe there is a way to receive seller assist in the transaction .These are all things you need to be aware of before you start your home search .You also want to know what the house will cost you each month with taxes and insurance factored in This will help determine the price of the house you will be looking at .

 

Unless you are paying cash these steps need to be taken . Mortgage money is the cheapest money you can borrow and is still a write off on your income tax . It may also be a good idea to ask your accountant how much of a tax write off you will get with your Real Estate taxes included . Take that number divide it by twelve and subtract it from your mortgage . Much better then paying rent .

 

Once these steps have been taken you are on your way to homeownership. You are successfully qualified to buy a house . I think I forgot to mention you called an agent like me that had you bring all the proper documentation to the mortgage banker . We are on our way to purchasing a house .The mortgage banker copied all your info .

 

We just need to find the perfect house for you     You will know when you do .

You will get that feeling this is home 

 

Hannah Williams

                                                                               hannah williams

 remax logo

 

Re/Max Eastern

 215 953 8800

215 953 8818

 cell anytime  215 820 3376

HannahRemax@GMail.Com

 

 

 

hannah williams

 remax logo

 

Re/Max Eastern

 215 953 8800

215 953 8818

 cell anytime  215 820 3376

HannahRemax@Gmail.Com

 

 

 

 

 

 

 

 

 

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To SEARCH for HOMES PLEASE VISIT HELPFULHANNAH.COM

 

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Comment balloon 18 commentsHannah Williams • June 02 2017 03:01AM

Comments

Hannah excellent advice, after I have a conversation with someone who is not ready, first thing we talk is talk with a lender....Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) over 1 year ago

Good morning Hannah. Once a buyer calls one of my first questions after getting their information is to ask them if they have been to a lender.   Depending on their answer we move on

Posted by James Dray, Exceptional Agents, Outstanding Results (Fathom Realty AR LLC) over 1 year ago

Not everyone knows this Hannah, but meeting with a mortgage specialist should be the first step in the process. You're so right!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) over 1 year ago

Endre Barath, Jr.  This is the first step then the buyer is ready

James Dray  We are on the same page as always

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400  So many buyers call me and tell me qualifying will not be a problem . Then there is a problem 

Thank you for taking the time to comment

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 1 year ago

Hannah, buyer's need to talk to a mortgage lender FIRST, before looking at houses. If not, like you stated, they will be disappointed.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty, Martha Hilton, Broker) over 1 year ago

Rebecca Gaujot  I see so many agents run out and show houses to unqualified buyers . They are not only wasting their time but the buyers too

Thank you for taking the time to comment

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 1 year ago

Hi Hannah - You're right about that critical first step. I think we're getting to the point where most buyers know that, or if they don't, they quickly understand why it's necessary. Have a great weekend!

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) over 1 year ago

Dick Greenberg I recently had buyers call me wanting to look at houses . They were refereed by a previous client . They did not feel they needed to talk with a mortgage banker . I insisted . Good thing I did . We discovered they needed seller assist to buy as their back end ratio was too high . I have learned to never assume

Thank you foR taking the time to comment

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 1 year ago

Hannah great post and I love your short video. Well done!

 

                                                     Featured in BananaTude!

 

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) over 1 year ago

Anna Banana Kruchten, CRS  I am so honored  to be

Featured in BananaTudw!

YEAH!

Thank You

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 1 year ago

Hannah, your post hit the nail on the head. Of course buyers need to know what they can afford, where the down payment is coming from, and if they need seller assistance. Sometimes their excitement gets in the way of that and we have to counsel them to take the right steps in the process. And, by the way, I have been looking for a short video like the one you have above. LOVE IT!

Posted by Pat Starnes-Front Gate Realty, 601-991-2900 Office; 601-278-4513 Cell (Front Gate Real Estate) over 1 year ago

Hannah great advice.   I still run into Borrowers whose Realtor showed them houses they could not come close to being able to purchase and wasted every ones time.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 1 year ago

Pat Starnes  It is biteable  and I  love them .Found them one year when Lynn B. Friedman  had us do one of her famous January contests

George Souto  I see it all the time . Agents run out and show strangers houses who call on the phone . (It is another reason I am not fond of open houses) Clients know they need to sit down with a mortgage banker before i show them houses . I explain what docs they need to bring .. Every now and then they do not show up ---- That is fine  my time and theirs not wasted

Thank you for taking the time to comment

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 1 year ago

I tend to have the same conversation with each buyer. They have to be ready and have their preapproval from a reputable lender for us to go out looking.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 1 year ago

Debbie Reynolds  Wise choice! This is starting at the beginning .Especially in a hot spring market

Thank you for taking the time to comment

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 1 year ago

Hello Hannah,

Wonderful post, video and featured to the group:

EXPRESS WITH VIDEOS AT ACTIVERAIN

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Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) over 1 year ago

Robert Vegas Bob Swetz  So nice of you I am so happy to be

Featured in your Group

Thank you so glad t see you back

Hannah

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) over 1 year ago

The house exhibited is eastern US brick type. Very solid. The problem is it is dark inside not much natural lighting......

Posted by Sam Shueh, mba, cdpe, reopro, pe ( (408) 425-1601) over 1 year ago

Participate