Now we step back a little
With the focus on your house-hunt, we’ll take on more of a supporting role—standing by to answer questions and work up numbers on any promising properties. If you haven’t already, go get our mobile app. You can use it to check rates and payments on the fly (but remember that the payment it shows is just the loan, not including taxes, insurance, mortgage insurance or HOA dues). If you’re sans smartphone, you can use this table to estimate payments, using any old calculator.
But don’t be shy!
When you spot something promising, email us. With just the price and amount of property taxes and any homeowners’ association dues we can work up numbers and send an estimate back your way.
You’ve found it…now what?
Time to write an offer! You initiate negotiations with the seller by writing an offer (usually called an Earnest Money Agreement or Purchase and Sale Agreement). In it, you propose terms to the seller: a price, a closing date, a possession date, financing terms, inspections to be done and how long you have to do them, the amount of earnest money and more.
Now it’s their turn
The seller can accept your offer as written, reject it or propose a counter-offer. It’s not unusual go back and forth a time or two until you come to terms you and the seller both agree upon. Your real estate agent is your guide—helping you craft a strong offer, explaining and completing the paperwork and negotiating on your behalf.
Why go to the trouble of customizing a preapproval?
Of course we’ll also write a pre-approval letter for your agent to present with your offer. Wonder why are we writing the letter now, even though your loan has been pre-approved for a while? If you took our advice and got pre-approved for a little more than you mean to spend, you may not want to tip your hand to the seller. We will make sure the letter says exactly what you and your Realtor are comfortable with — supporting and strengthening your negotiating position.
Don’t be a stranger!
Be sure to keep us the loop. We’ll chime in to make sure the terms of your offer are compatible with your loan, that the proposed timelines are viable and run updated numbers for you. If the property brings up any new issues, we’ll brainstorm through them with you and your agent.