Buyer Solutions for Today's Market
I’m not ready.
This is not a problem. This is what we call hesitation! Regardless, whether you are ready or not, take advantage of the free advice mortgage lenders provide home buyers. If indeed, you are not ready because you have tanked your credit, your advised lender will put a plan in place to position you for success.
I’m waiting for interest rates to come back down.
We don’t believe ‘waiting’ is a good idea. Everyone who is teetering on the market’s edge has the same plan as you. Waiting. When interest rates decline, prices will go back up. So instead, focus on the house, not the rate. Marry the house, date the rate – you can refi later.
I can't beat cash buyers.
The dreaded cash buyer. Chillllls. We understand that competing with cash buyers can feel like a hamster wheel, however, a non-cash buyer can compete with creative mortgage solutions provided by Guaranteed Rate.
POWERBID: This exclusive new program is designed to give homebuyers the strength, speed, and confidence they have to have to compete against deep-pocketed cash buyers and institutional investors. The PowerBid allows approval upon offer.
FAST TRACK PROGRAM: The Fast Track Program provides approval in a 24-hour approval process, and most likely a clear to close within 10 days.
I don't have enough money for a down payment.
I can't find what I am looking for.
If you can’t find what you are looking for, you might want to consider expanding your search. If your desired location is too competitive, expand your search and you might find some amazing gems in growing neighborhoods. Working with a real estate agent who really knows the area is the best way to find a home that fits your budget and lifestyle.
Best Practice: ask a member of the Fitzpatrick Team to set you up on an MLS Portal. You will be notified of new property that hits the market within your price point. This will help you understand the quality of homes suitable for your finances. Finding a home is often a compromise between what you want and what you can afford. If you have a champagne taste on a beer budget, you might want to expand your search.
I can't seem to win multiple offer scenarios.
Multiple offer scenarios are still lingering, however, far less competitive. Don’t assume that your offer is going to be the best, work with the Fitzpatrick Team to make it the best possible offers. Click here to read our article on Winning Multiple Offer Scenarios
I fear the risk of overpaying.
If you’re going to buy a home in this expensive market, you absolutely must find out how much house you can really afford. Commit to staying within that budget amount no matter how much pressure you feel.
To feel confident about buying a home this year, follow these tips:
Limit your house payment to no more than 25% of your monthly take-home pay. This payment includes principal, interest, property taxes, homeowner’s insurance and, if your down payment is lower than 20%, private mortgage insurance (PMI). Plus, don’t forget to consider homeowner’s association (HOA) fees when preparing your budget.
Save at least a 10–20% down payment. A 20% or more down payment helps you avoid PMI—an extra fee added to your mortgage to protect your lender (not you) in case you don’t make payments. Anything less than 10% will drown you in extra interest and fees.
I fear buying & selling at the same time.
If you are looking to buy property, but need to sell a home at the same time here is what we recommend. We would want to list your property first, because we will have far more control on the entire transaction, most importantly, the timing, rent-back, and getting you into your next property.