You have prospects who contact you expressing an interest in purchasing a home, but how do you know if they’re really serious — or able — to purchase a home?
MRIS, a large multiple listing service serving the Mid-Atlantic region, asked its real estate member network for some of the best signs for understanding whether potential buyers are really ready for the task of the taking on home ownership. Here are some indicators MRIS members noted about willing, able and ready home buyers:
▪ They are increasing their savings: MRIS suggests home buyers save enough money for six months of mortgage payments and at least a 3.5 percent of the purchase price for a down payment and closing costs. Buyers shouldn’t forget about moving and possible home repair costs, such as heating and cooling Charlottesville repairs, too in setting up a savings plan for a home purchase.
▪ They have their credit in shape: Home buyers should know their FICO score and know how it can impact the mortgage rate they get. Borrowers with credit scores of at least 700 tend to get the best mortgage rates, according to John L. Heithaus, CMO of MRIS.
▪ They know what they can afford: Home buyers should get pre-qualified for a mortgage so they know how much they can afford, what types of loans they can qualify for, and set a comfortable monthly mortgage payment goal.
▪ They avoid making other major purchases: Big-ticket purchases, like a car, should be put off until after they buy a home. Potential buyers should be working to keep their cash reserves high and prove to lenders they can take on mortgage debt.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/07/12/4-signs-buyers-are-really-ready
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