Stop wasting money paying somebody else's mortage!

Are you assuming you can't get a loan to buy a home and that renting is your only option?

Well, we all know what assuming does to us!

If there's any chance you might be able to qualify for a loan, it's crazy not to go for it and try to buy.

As long as you get your credit rating up to 680, most lenders will consider offering financing. There are also some that have special programs for first-time homebuyers with lower credit ratings. (Contact us for a list of lender suggestions if you don't have a clue where to start the process.)

If your credit is falling short, speaking with a lender can help you learn about some strategies for getting ready.

With interest rates still extremely low, you can usually buy a home for less than what you're paying in rent, often getting more space than what you're renting, so why not try to find out if you can do it?

Once you've completed the pre-approval process, you'll need to get a letter of pre-approval to provide to us so we can then help you start your home search in earnest. Once pre-approved, your interest rate is locked in, but usually only for up to 90 days. That may sound like a long time, but it's not given the time it can take to find the right house and get through the purchase process.

The information in the letter will tell us your budget, the type of loan you will be getting and the loan officer assisting you. Having this confirmed also serves as proof to sellers that you are a qualified buyer, not a tire-kicker.

Contact us for assistance in figuring out how you can start the process of exploring the home-buying process and options. It would be our honor to help you, no matter how long it takes for you to be ready to pull the home-buying trigger!

Despite, or perhaps largely because of, COVID-19 combined with low interest rates, the Baldwin County real estate market is extremely active. A lot of properties, when priced right and in good shape, are going under contract on the first day, or within the next couple of days, often with multiple offers! This means that buyers and sellers all need to be ready for success when starting the process.

Are you a home or condo owner thinking about selling? Contact us for a free consultation of what is necessary to get your property ready for success and actively on the market.

Are you a buyer wanting to take advantage of the low interest rates? Then the first step is to get preapproved for your financing. If you don't have anyone in mind, call us for a list of a few local suggestions for a place to start.

Activity slows in the fall, which can be to a buyer's advantage.

Fall can be a busy time. Children are back in school, there are sporting events to attend and the holiday season is coming. That means that a lot of buyers are waiting until after the first of the year to resume their home hunt after the busyness is over. However, there are still homeowners eager to sell their properties.

All that means that fall can be a very buyer-friendly time to go shopping for a home, especially those with higher price points. The fewer offers being presented, the more likely sellers will be open to negotiation to get a deal done.

Another reason to get your purchase done before the end of the year is to be able to deduct your home purchase expenses from your taxes. But, since closings usually need 30 to 45 business days to close if financing the deal, time is of the essence to find the right property and get it under contract, especially since days are lost due to banks and title companies being closed for holidays in November and December.

If you know you are having difficulty making your mortgage payments, it's time to strongly consider putting your home on the market so there's a better chance of getting it sold and you out from under the mortgage before the foreclosure letter shows up. If you wait until you get the notice, you are less likely to have time to get a deal done before the foreclosure is scheduled. (Most lenders are not willing to postpone an auction even if there's an offer on the table if not able to get it closed and paid off weeks ahead of the foreclosure date, so time's of the essence, especially since closing can take as much as 45 days to happen.)

If we can't get it sold for what you owe on it, we'll need to approach your lender about approving a short sale. That means the lender is willing to accept less than what you owe. However, they must agree to the price. You will still end up with a negative hit on your credit rating, but it will come off your credit report much faster than a foreclosure or bankruptcy. I have assisted several sellers through the short-sale process, so let me help you.

Call one of our agents ASAP to schedule a home visit for a free consultation. You will find contact details for all Realty Advocates LLC agents at https://www.realtyadvocatesal.com/about/.

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We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.