You can compete with all-cash offers

Chuck Barberini

Chuck Barberini Real Estate | EXP Realty

You can compete with all-cash offers. Here’s how;

In today’s hot market, bidding wars have become the norm. With many out-of-state buyers and property investors looking for a great deal, all-cash offers are also becoming common.

A cash offer can seem tempting for sellers since it offers the possibility of a faster closing. But despite this perk, cash buyers don’t always win. Many times, they make low offers or demand costly extras, both of which will mean lost cash for the seller.

Want to boost your chances of getting the home you want when competing with cash buyers? Here are some things to consider:

  1. Include a preapproval letter. Get your financial documents in order, find a mortgage lender and get preapproved. Additionally, a note from your lender stating that you’re a well-qualified buyer can go a long way.
  2. Work with a fast-moving lender. Average closing times vary significantly from lender to lender. Choosing one known for fast transactions shows sellers that you’re willing to move at their pace. Get in touch if you’d like a referral to a trusted lender.
  3. Offer more earnest money or a bigger down payment. More money down means you’re serious about purchasing their home, which gives sellers more confidence in your offer.
  4. Make an appropriate offer. We’ll discuss local comps to assess the home’s value, allowing you to make a solid bid right off the bat. Low offers are likely to be dismissed without a second glance.

Are you planning to purchase a new home soon? Get in touch today to discuss the right strategy for your home search.

Thank you for reading my newsletter. I look forward to connecting with you soon.

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Can you own your dream house with student debt?

EXP Real Estate – Chuck Barberini Real Estate

Can you own your dream house with student debt?

Did you know you can buy your dream home while paying off student loan debt?

It’s true and even quite common. While student loans are factored into your debt-to-income ratio, they shouldn’t prevent you from becoming a homeowner.

And fortunately, there are many programs and options available to prospective buyers, some you may not be familiar with. Here are four ways people with student loans achieve their homeownership goals:

  1. Co-buying With Friends or Family
    Purchasing a home with a roommate, significant other or sibling allows you to combine multiple incomes to qualify for a better mortgage rate. This can help lower your monthly payment and make home maintenance more affordable.
  2. Receiving Financial Gifts From Family 
    You can also accept gift money from your parents, grandparents or other family members to put toward your home purchase. Some loan programs have a cap on how much gift money can be used, so make sure you know the limits first.
  3. Choosing Low (or No) Down Payment Loans 
    There are many low down payment options, including FHA, HomeReady and Home Possible loans. For loans with no down payment, VA loans may be available to veterans and military members as well as USDA loans for those purchasing in rural areas.
  4. Using Assistance Programs 
    Down payment assistance programs can cover some or all of your down payment costs if you qualify. These programs vary by location, so talk with a lender to learn about potential options.

Working on your credit can also help you buy a home. Pay your credit card bills on time every month, aim to pay down your debts and never let an account go into collections. It also helps to get preapproved for a mortgage so you know how much you qualify for.

If you’re ready to make home ownership a reality or would like a referral to a trusted lender, get in touch today.

Thank you for reading my newsletter. I look forward to connecting with you soon.

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Should you purchase your dream house first? – Chuck Barberini Real Estate

EXP Realty of California Inc. – Chuck Barberini Real Estate

Should you purchase your dream house first?

Gone are the days when a three-bedroom, two-bath starter home was the norm for first-time home buyers. Today, many buyers are skipping that stage altogether and going straight for their dream homes. They’re buying bigger, more expensive properties with upgraded features, and they plan to live there for the long haul.

Not sure which type of property you should look for? Here are a few things to consider:

Why are you buying?
Are you mainly looking for a way to lower your monthly living expenses, or do you want a place to raise your kids and put down roots? Do you want this to be your only purchase, or are you willing to go through the process again in a few years?

What’s your budget?
Can you buy your dream home with what you can currently afford, or would that stretch your budget too far? It’s crucial to consider how much you’ll need to save for a down payment and how large of a loan you can qualify for. Your credit score and the expected interest rate will also play a factor.

How long do you plan to stay? 
Do you plan to be in the area for a long time or is there a chance you’ll need to move for your career, family or another reason down the line?

Is the market favorable?
What is the current housing inventory, and will you be competing with other buyers? Favorable market conditions mean you’ll get more house for your money, making it an ideal time to purchase a forever home.

Get in touch today if you’re ready to buy a new home. If you’re unsure about a starter home or forever home for your family, we can discuss what options are available to meet your needs and long-term goals.

Thank you for reading my newsletter. I look forward to connecting with you soon.

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