The key to the keys | Neighborhood Extra
“Fortune favors the brave,” and those who persevere. The potential homebuyers wrote three offers. Each…
“Fortune favors the brave,” and those who persevere.
The potential homebuyers wrote three offers. Each time, giving it all they had the capacity to give. They lost each time. Their price point was competitive and their means modest, but their preparation was excellent and their expectations realistic. The fourth time was the charm.
Somehow, they qualified for gazillions of dollars in a mortgage, enough to carry two homes in a high-priced market. It would only be for a couple short weeks. With their purchase finally secured, they immediately set up getting their current home on the market. Given the market and the property, a quick coat of paint, good cleaning and cleaning out would get it on the market.
Some unknown and significant latent defects came to the surface. Six months of two mortgage payments and one kitchen remodel later, the home was back on the market. Finally, escrow was two days from closing when the buyers’ financing failed. This one was ugly – and thankfully, rare. Happily, a new lender (thanks to a good realtor resource) got that financing re-done and they finally got their happy ending.
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Whether a buyer or a seller, there are some common keys to these, and most, wins today:
• Preparation. They knew what they could afford and what they wanted to spend – often two different numbers.
• Planning. They had their financial ducks in a row; savings, budget and financial margins.
• Partners. Lender, title, agent all played important parts.
• Expectations. Realistic expectations for what your dollar will buy and what price point you should be looking in. Hint: You should not be looking at the top of your price point.
• Expertise. Lean on the professionals. Your parents, your children, your past experiences will NOT be your greatest helpers in this process. All markets are local and change rapidly. Your good agent knows this market, at this time, and knows best how to help you accomplish your goal.
If you are looking to own your own set of keys (or just one set), don’t give up – but do give me a call. Becky Huebner, REALTOR, GRI – 402-770-1350.