Did you know that "May you live in interesting times," is not an ancient Chinese blessing, but a vicious, ancient Chinese curse?  Or, so I read once, many years ago and have adopted as a fact I like to share. But no matter, even if it was not ever a real curse, based upon this past "interesting year," I think it works. The media just keeps coming at us with sad news of more lay offs, car dealerships closing and mounting foreclosures.  But, we have also been buoyed with news of low interest rates, tax incentives and real estate market upswings. Interesting indeed.  If you are one of the intelligent, and prudent individuals who have decided that it's a good time to participate in the real estate market, I have some advice in order to be better prepared to take on any challenges.

 

My advice, whether you are buying a home for the first time (especially if you are buying a home for the first time) or if you are selling a home and moving up down or sideways, is to call me of course! But, after we have a nice chat in my office or meet over coffee, the first thing I am going to tell you to do is to call on a local, trusted, mortgage lender and review your situation and get yourself a pre-approval letter. before you step foot one, into an open house or ask me to open a house for you. You may wonder why that is so important. Why am I trying to take all of the fun out of this? You know what you can afford!  Maybe, but not necessarily. We live in "interesting times" chiefly due to problems with banks and  bad real estate loans coming back to roost right?  Some banks have gone under, others sold, others took huge infusions of cash from the government. Those banks are now holding on very, very tightly to their dough.  What was possible last summer or fall may not be possible this summer. On the other hand, the good news is there are incentive programs that only qualified lenders can offer.

 

The sad fact is, I have seen several wonderful, clients fall by the wayside because they lept into the fun and exciting process of getting on-line and looking at houses they loved and calling me with their list or asking me to compile a list. We would go out and get all excited about a super deal, an awesome kitchen, fenced backyard, and a home they could spend many happy years in. All the while I query, "Have you talked to the bank yet?" So rude of me. But, when they find something they just have to have and want me to write an offer, and they can no longer avoid the inevitable, they find to their shock and horror that something in their portfolio is insufficient and they are DENIED.

 

However, if you go to an experienced lender, backed by a solid institution, that lender may be able to help you find the glitch in your balance sheet and advise you on how to make the changes necessary to qualify.  Lenders are nice people, I promise they really want to help.  If you do let them help, when it comes time to go out and look at shiny new homes, or rose covered cottages or sweeping view condos, we can do so with confidence. With pre-approval letter in hand, we can write up an offer at the drop of a hat. Sure, having control like that removes an element of mystery that may make home buying more "interesting." But I've had enough "interesting" to last me for a while. How about you?

 

Call me,360-393-7339, e-mail me @ farrellhomes@comcast.net or tweet me, @farrellhomes,. and I can set you up with a local lender who matches up with your situation. They're ready to help and so am I.