Fuquay-Varina’s CRAZY Housing Market
It’s certainly no secret how CRAZY the housing market is across the nation and our little neck of the woods is certainly no different! Our current housing inventory is super low so we thought we would share a few thoughts and tips for getting a seller to say YES to YOUR offer!
The “norm” has always been to include a pre-qualification letter with your offer, but now we need a pre-APPROVAL letter. This basically means all of your numbers have been verified through actual documents that you have provided to your lender and your file has been through preliminary underwriting. If you have cash, which is getting much more common in this market, we will need “proof of funds” from your lender. Speaking of your lender, it is much more preferable to use a LOCAL one. Our local lenders know our market and the norms for lending on the homes in our market, they will also be ordering appraisals from local appraisers which certainly can make a difference for an opinion of value.
Your offer needs to be super “clean”, and by that we mean; do not ask the seller for ANYTHING…not to pay for any of your closing costs, not to buy you a home warranty, and especially not to do anything out of the ordinary like cutting down the big tree next to the driveway. Offer a quick closing and offer for the sellers to rent back from you, preferably for free, or whatever will make it more convenient for them.
You would think the seller will most likely want to accept an offer that nets them the most money, however this is not always the case. Having a professional, experienced, buyer’s agent is super important in this market. Your agent will guide you through the terms for your offer to help make it the most favorable. They will also be able to professionally communicate to the seller’s agent your personal situation and how “easy” of a transaction they vow their buyer will be.
Finally, and this is a big one, be prepared to put down a sizable due diligence deposit with your offer. This is non-refundable, albeit a credit at closing, funds straight to the seller while you are getting your due diligence done. Essentially you are “buying time off the market”, so if you are serious about wanting to purchase their home it better be worth it to the seller. This number is ALMOST as important as the sales price because it is going to tell the seller how serious you are and whether you are likely to terminate your offer prior to closing. It is not unusual to see $10,000-$25,000 of due diligence being put down with an offer these days.
With all this being said, are you thinking of selling your home? Now is the time to do it! Be sure you have an experienced, professional, agent to help you out so you don’t leave any of your equity on the table! I promise you, the right agent on your side will net you the most from your sale with the least amount of headaches!
We have numerous Real Estate Professionals here at Front Porch Realty who are happy to talk you through the process! They can get you started on that home search once you’re ready to go! You can call now at 919-577-0175 to speak with the agent on duty TODAY!
Hope you all have a happy Summer!
Here’s the complete schedule:
*Meet Authors, 11 a.m.-6 p.m.
*Panel Discussions and Featured Author Readings & Presentations, 1-6 p.m. 
Maria has been selling the Triangle since 1991! Real estate is Maria’s passion and she is committed to helping the Latino community. Originally from Chile, Maria’s native language is Spanish and of course she is also fluent in English. 
As I said at the beginning there is some low inventory with homes priced under $300,000.00; however, if you don’t look for a home then you surely won’t fine one, and there are homes to be found even in that price range. So what else do you need to consider in a home purchase? First, do you have enough money to buy a home?
The Price Tag…..
There are several loan programs available that will get you into a home for zero or a very low down payment with reasonable interest rates. But you will need to have some cash to cover expenses like the appraisal ($450) which is paid upfront and out-of-pocket in the home buying process. You will also need money for closing costs, which come due on the day you sign the promissory note at closing.
If you don’t have enough cash to cover the closing costs, talk to your realtor about negotiating these into the sales contract. There is an easy way to handle this scenario. Let’s say that you want to purchase a home that’s listed at $187,500.00. You would like to pay $185,000 for the house and you know that you need $5,000 to help cover closing costs. Simply ask your Realtor to write the offer to purchase for $190,000 with the seller paying $5,000 in closing costs.
Show me the Money…
But how do you know how much closing costs are going to be? And, how do you know if you earn enough money to be able to qualify for a mortgage loan to begin with? Now we come to the crux of the matter. The best way to answer these questions is to call me and start the application process. With just a little information, I can quickly see if you can be prequalified for a mortgage loan. I can also make sure that you’re taking advantage of the best loan programs available.
Home-ownership is part of the American dream; and with interest rates still at historically low levels now is a great time to explore your options. Call me today and let’s get started on getting you into the home of your dreams!
Jenny Miller
Loan Officer
NMLS: 1054076
Sierra Pacific Mortgage Company
6736 Falls of Neuse Road Suite 120
Raleigh, NC 27615
Phone: 