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Friday, April 27, 2012

Brevard County, Florida Homes For Sale - Are you a qualified buyer?

Brevard County, Florida Homes For Sale - Are you a qualified buyer?

The market is shifting in Brevard County.  Prices are down, interest rates are still low, rents are rising, inventory is shrinking - all ingredients for people to consider buying a home!

Before you run out and start looking at homes though answer his question - "Are you a qualified buyer?"  

On occasion I will receive phone calls from people standing outside a home with one of my signs in the front yard.  Sometimes they want to see it right now.

I appreciate the calls but I always ask questions- qualifying questions.

My initial query includes two key questions.
  1. Are you working with another real estate agent? 
  2. Have you been pre-qualified for a mortgage and, if so, how much?
  3. I ask other questions about their familiarity with the area, information on their needs and wants, etc.but these are asked only if the answer to question number one is no.....
These questions all have a purpose - to enable us to get off on the right foot in an orderly fashion.
Buyer qualification is important for several reasons.

As a buyer, why would you waste your time looking at something you could not afford?  If that is your purpose then I suggest you visit the local Parade of Homes which is held twice a year.

From a seller perspective the real reason is they want serious offers from serious buyers.  Because the process of showing a home to prospective buyers can be so disruptive sellers want their homes shown to people who are real potential buyers.

And, most importantly, sellers want buyers who have evidence of an ability to purchase.

What type of evidence?
  • If you are a cash buyer, proof of funds in the way of a letter from your bank or investment company.
  • If you are going to get financing then, at a minimum, a pre-approval letter from the bank or other lender. This is not the same as a pre-qualification letter which means about nothing!
  • And, the ability to provide a reasonably attractive escrow payment (good faith down payment) when your offer is accepted. What is reasonable? That will depend on the property. 
 If you are new to the home buying process check out Buying a house…In Six Easy Steps!

If you are considering buying or selling a home in Viera, Suntree or Rockledge, Florida call (or email) me to discuss how I can work with you.

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