September 2016

Found 3 blog entries for September 2016.

 

With the continuation of historically low-interest rates, and inventory continuing to be low, all buyers at all price points should consider ways in which to distinguish and elevate the quality of their offers.  There are several ways in which to do this.

Make Sure You Are Pre-Approved For a Loan 

Including a Pre-Approval letter a fundamental element of all offers, without it a seller can only wonder if the transaction will provide a predictable outcome.  Additionally, there are different views of what the Pre-Approval letter should reflect.  Some agents prefer that the Pre-Approval letter reflect the offer price, thinking that this might compel a seller to accept the offer due to the fact the buyer can only qualify for the offer

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With the ongoing challenges presented by the current economy and the new rules associated with the HVCC Guidelines, the strategies used to insure that your interests as a buyer are protected are essential.  One special area of consideration in Georgia is the “Due Diligence Period”.

Prior to the recent decline in real estate values the biggest challenge faced by most buyers was resolving with the sellers any items that came up on the inspections performed.   This was due in part to the fact that loans were readily available for practically any buyer with no money down and very little qualifying. And, to the fact that prices were pushed up due to overly relaxed lending guidelines which encouraged buyers to pay more for homes because they could finance

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I’ve received that question numerous times over the past several years being in the mortgage industry. The question does make sense – as long as income from a job is coming in on a regular basis, why does it matter if someone is self- employed, a W2 employee, or a 1099 contract worker?

Unfortunately, for the self-employed or individuals paid on a commission or bonus structure, it does matter. Why? Due to the up-and-down nature of running a business or income based on monthly/annual performance, underwriters want to see a historical record of income that is earned over the course of up to two years.

Unless you are a W2 employee whose salary will be the same every month regardless of the economy or sales, the only way to document your income is

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