observer-may-6-2009

Great Article! is a post from: discoverycoastrealestate.com

YOU WANT A HOUSE AND YOU WANT IT NOW!

So you’re ready to buy a home.  Do yourself, your Realtor and the seller a favor and get pre-approved before you even start looking.  One of the worst things for a buyer is to fall in love with a house and find out that you don’t qualify.  For the seller, it can be very disheartening to think you have your home sold and you can get on with things, and then find out it isn’t going to happen.   Do I need to mention how your agent will feel after after spending time showing property, writing and presenting an offer, only to find out that everyone is disappointed?

Step one should be to make sure your credit is what you think it is.  The Fair Credit Reporting Act allows you to obtain one free credit report every 12 months.  Visit the site or call 877-322-8228.  This will only take a few days to do and it’s worth waiting for.

Okay, you’ve found out that there are no surprises with your credit report.  Maybe it’s even better than you thought!  It’s time to find a lender.  There are  options: traditional lenders such as the local bank or credit union and mortgage brokers who have access to many different lenders with different loan programs.  Traditional lenders may not be able to work with you if you have an issue with your credit or maybe your income reporting.   Bottom line – shop around for the best loan package (and interest rate) for your unique situation.

The amount you have available for a down payment will be a big consideration when talking to a lender.  Whether you have the traditional 20% to put down or are looking for VA, FHA, USDA low or no down loans, don’t give up if the first lender you talk to isn’t able to help.  And don’t forget the tax credit for first time home buyers!  While the financing crisis (fiasco) has many people convinced there is no money to borrow or that they would never qualify, that may not be the case.  There are some great loans out there and you need to be pro-active to find them!  (by the way, I can help you!)

There are two rules of thumb normally used to determine how  much you can afford:

1 – your maximum monthly mortgage payment should not exceed 28% of your gross or pre-tax income

2- your maximum debt (including that mortgage payment) should not be more than 30% of your gross income

Normally, you will first get “pre-qualified” where a lender or mortgage broker will tell you how much of a mortgage you can afford.  “Pre-approval” is the written guarantee from the lender that they will grant you a loan up to a specified price (subject of course to appraisal and other conditions that will be written out).

Once your loan is approved and the interest rate is guaranteed (“locked in”) for a specific period of time, it’s time to call your Realtor and start shopping!

Buying a Home, (Part 2) Not so fast…. is a post from: discoverycoastrealestate.com

WHERE DO YOU START WHEN YOU’RE READY TO BUY?

Buying a home is one of the “biggies” in life.  Your first home is especially exciting and stressful.  That’s why you need someone to help you navigate the waters.  It’s also important if you haven’t purchased a home in a few years.  Things have changed!   What used to be done on one legal sized document now takes an average of 12 pages (not counting the disclosures and follow-up documents.)

As your agent, I will:

• Help you identify what type of property you need.
• Gather information on suitable properties, schedule showings, send you updates on changes in price.
• Point out potential problems based on my expertise in this area, recommend resources, and suggest contingency clauses to protect you.
• Explain the forms and other paperwork you’ll be signing.

Many buyers are still unaware that while the seller is represented by their listing agent, you can also be represented by an independent agent.  As your agent, I owe you a fiduciary duty and will keep your information confidential and protect your interests in transactions.  For more information on the Law of Agency in Washington state, including information on dual agency, view the pamphlet here: agencylaw

If you’re ready to get started on your property search, send me this WISH LIST and let me start working for you.  And don’t forget that you can set up an automated search from my site.  PROPERTY SEARCH.

Next Post:  Where is the money coming from?

Buying a Home (Part 1) or, why you need me! is a post from: discoverycoastrealestate.com

$449,999!

No better buy on a gorgeous home

with bay views, huge shop!

See more info by clicking on the photo.

Best Buy Around! is a post from: discoverycoastrealestate.com

Okay, we’re back to work! Here’s the first Real Estate Update from Discovery Coast Real Estate. We’re still busy setting up phones, web site, etc., but you can always reach me by email at diehl@willapabay.org or on my cell phone 360-244-2660. Charlie can be reached at charlie@willapabay.org or 360-244-2655. More info will follow. Thanks to all of you who sent your good wishes to us in our new venture! In need of a rental home? Click Here to view available properties!

LISTINGS SPOTLIGHT – Hopefully I will have some to advertise to you by the next installment of my blog! Available right now are mean high tide properties, western upland boundary properties (both homes and vacant land), condos, ocean view, lake view, lake front, camping lots, businesses, you name it. If you’re thinking of a move to the beach whether for vacation, investment, snow-bird, full-time or retirement living, we’re here to help you and remember, “we’re looking out for you”!

PUT YOUR LISTING HERE! Of course we’re looking for listings. Ask about our introductory offer to sellers!

BUYERS, LOOK HERE! We can show and sell any property listed for sale in Washington State. But the Long beach Peninsula is where our expertise is. Let us help you! And ask about our introductory offer for buyers!

Here’s what’s coming up at the Beach:

• Clam dates announced! CLICK HERE
• October 10-12 CRANBERRIAN FAIR
• October 10-13 ART SHOW AND SALE
• October 11&12 INTERNATIONAL KITE FLY FOR PEACE
• October-November WILD MUSHROOMS!
• October 17-19 WATER MUSIC FESTIVAL

I welcome your comments to anything you read here, real estate or otherwise!

Looking for property? I can set up an automated search for you. Just let me know what you’re looking for and I’ll do my best to find it.

BEACH VACATION RENTALS HERE!

Want to meet my cats? New photos as of October 4! 

10/6/08 Real Estate Update is a post from: discoverycoastrealestate.com