Being a buyer, any buyer (first time, second or third) isn't as easy as it used to be. Most of us know that selling your house in todays market is a real chore. Therefor if you are a buyer it should be a piece of cake. Right?
Finding the house is not a very big problem. They are plentiful in most area's of Greater Cincinnati. Sellers are really willing to negotiate too. They will pay closing costs, negotiate well below the known market value and leave items of personal property not usually included in most sales. Recently one of my buyers asked for the huge screen high definition projection TV and the entire surround sound system and got it on the first round of negotiating. WOW!
This photo looks so simple and serene doesn't it? That is the way some purchase deals look today. You would think if you are coming to the table with a high credit score of lets say 760 or higher, have 10% down payment you wouldn't have a problem getting a loan. Not so...
I have a buyer purchasing a home for $170,000. They have 770 credit score, and putting 10 % down. Their financing is an 80-10-10. 80% first mortgage, 10% second and 10% down. The second mortgage investor rejected their application and denied the loan. They didn't have enough active credit line. Car paid off and no credit card dept. You would think that was a dream buyer. At least I did. As it turns out if they had a car loan and a couple of credit cards with balances they would have gotten the second mortgage without a hitch. Go figure!
It is about knowing the rules of the game and playing within the rules. Call me, I know the rules and I love to play the game.
God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.
Did you know I have my license in both states, Ohio & Kentucky?...So Please call me if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.
Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.
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