Monthly Archives: December 2018

9 Fantastic Tips to Get Your Home Purchasing Offer Accepted

Admin 21/12/2018

So you’ve finally found your dream home. Now you have to make the right offer and hope it gets accepted. If you’re facing tough competition to secure the home, you’re going to want to make sure your offer stands above the rest.

Don’t let this opportunity slip away. Your experienced McAllen realtors at Equity Assets Realty want to give you a few pointers to help ensure your offer gets accepted. Make your bid as strong as possible with these 9 fantastic tips.

Making the Best Offer That You Can

1. Make a full cash offer.
While this can understandably be difficult for some homebuyers, it truly is your best bet at securing the home of your dreams. For sellers, this means not having to wait for a mortgage to get passed and paid out, no appraisal requirements, no financing contingencies, and no issues with the deal falling through.

Making a full cash offer is the quickest, most efficient manner to grab a seller’s attention. (Assuming that your offer is close to the selling price.)

2. Make the largest down payment that you possibly can.
A large down payment is going to highlight your financial stability and the high likelihood that you’ll be able to successfully secure a mortgage loan. A large downpayment is going to be more than the traditional 20%. The more, the better.

3. Offer above the asking price.
If you really want a house, never bid low and hope you get a bite. In fact, you’ll want to offer above the asking price to beat out what is likely to be a multiple-bid situation. Make your best (and highest) offer right out the gate.

4. Get a preapproval letter from a lender.  
This is essential to your offer and should be done before even attempting to make an offer. A preapproval letter provides proof that you are in a financially strong situation and will be able to secure a mortgage loan to finance the house.

This can really showcase how serious and prepared you are to get the deal done. Even if another buyer offers more money, if they haven’t secured a preapproval, then your offer will still stand out.

5. Make a contingency-free offer.
Your offer should not come with any contingencies – such as the sale of your current home – or any seller concessions. Do not ask for assistance with closing costs or make requests that they include some of their personal property in the sale (such as a dining room table or any outdoor furniture).

6. Be flexible with the seller’s needs.
Be as accommodating to the seller as possible; if they are ready to get out of their home immediately, then offer a shorter closing period. If they need a longer period of time to secure new housing for themselves, then offer them a free month of occupancy in the home.

You might want to offer to pay the seller’s Owner’s Title Policy and transfer tax. While this may add a bit to your expenses, it’ll definitely sweeten the deal for the seller.

7. Put down a sizable earnest money deposit.
While this may seem risky, it actually shows how dedicated you are to upholding your end of the bargain. A bigger deposit won’t hurt you in the long run as it’ll go towards your down payment.

On the other hand, if you’re having doubts about the home and are afraid to put down a big deposit, then the house might not be right for you.

8. Provide as much proof as possible.
Items to consider utilizing to enhance the likelihood of having your home purchasing offer accepted include:

  • A loan approval letter that notes what type of financing the buyer is getting and how much you will be putting towards the down payment.
  • Proof of down payment funds.
  • Include an escalation clause in your offer.

9. Tug at the heartstrings.
Write a personal letter to go along with your offer, touching on what you love so much about the home and why you are the right buyer. Making a personal connection can do wonders in helping you stand out from the crowd. You might even want to include a family picture too to help sway the seller emotionally.

Want to make the best offer that you possibly can? The McAllen realtors at Equity Assets Realty can help!

Contact Equity Assets Realty today at 956-994-9455 to start the process of securing your dream home in the Rio Grande Valley.

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What to Consider When Hunting for a Home

Admin 17/12/2018

Naturally, when buying your first home, you want to be absolutely sure that it’s the right one. But it’s very easy to get caught up in the hoopla of the whole experience and fail to get exactly what it is that you want and need.

Your McAllen team of real estate agents at Equity Assets Realty have the know-how to make sure you find exactly what you are looking for. Our experienced team has compiled 7 valuable tips to consider when searching for that perfect home.

7 Tips to Consider When Searching for That Perfect Home

  1. Want It
  2. While extra amenities are nice to have, they won’t necessarily make the house right for you and your future needs.

    Actually consider what you do want. If you’re not interested in having an extra room or an exceedingly big yard, then there’s no reason for you to purchase the home. Chances are all the extra conveniences are increasing the house’s price.

  3. Surroundings Matter
  4. Yes, the house is obviously important, but so is the neighborhood. You might find the perfect home in a neighborhood that isn’t ideal for your needs. Whether it’s the distance from work, the school district your children will be zoned to, or distance to important amenities, the wrong neighborhood can really affect how comfortable you will feel in your new home.

    Consider your neighbors, local amenities, and the proximity to important locations to make the best decision. It’s also worth noting that certain towns in the McAllen metropolitan area are going to have higher tax rates which can play a major role in your ability to acquire the house.

  5. Don’t Worry Too Much About the Details
  6. Think of the bigger picture. Are you willing to give up on an ideal house just because the kitchen doesn’t have the type of cabinets you wanted or the bathroom has a tile you don’t like?

    Don’t let these types of details – that can be changed – stop you from obtaining the home of your dreams.

  7. Own It Before Buying It
  8. While there are plenty of real-world factors that need be considered when finding the perfect home, there are also some elements that aren’t quite so easy to be your finger on – but which play just as important of a role.

    What we’re getting at is feeling like the home is right for you. Do you love how comfortable you are as soon as you walk into the home? Are you excited to explore without any hesitation? You might even defend any flaws that your agent points out.

    In other words, if you already feel like this is your house and can see yourself living in it, then it might just be the right one.

  9. It Has What You Need
  10. You work from home, so you need an extra room for a home office. You love to bake regularly, so an extra wide kitchen is going to be essential. You have children, so a toy room is important.

    There are always certain amenities we know that we really need our houses to have in order for us to live comfortably and properly. Do not let go of those requirements. While you can forget about the small details that you can change over time, make sure the home you are thinking of purchasing has what you and your family really need.

  11. Be Flexible Where You Can
  12. It is important to know what you want and just as important to be flexible when you can. If you found the ideal home with just the right number of rooms you wanted but doesn’t have the garage you were set on, then do a pros and cons list of the house.

    Do you like everything else about the house? A close to perfect home can always be modified to perfection.

  13. Don’t Sleep On It
  14. While this piece of advice goes against everything you usually hear about making a big purchase, when you find the right home, you might not want to sleep on it. Chances are if you love the home, someone else will as well, and they might take the leap to acquire it before you do. And it can happen relatively fast.

    When you find the right home, and you know it, you won’t want to leave without having some kind of agreement set in place.

    Want a little more guidance and support while looking for the right house? Let the expert McAllen realtors at Equity Assets Realty help you find what you are looking for.

Contact us today at 956-994-9455. We have plenty of experience and success in helping individuals find their dream home in McAllen.

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Top 10 Mistakes to Avoid When Trying to Get a Mortgage

Admin 06/12/2018

Realtors will often tell you what you need to do before applying for a mortgage loan. But they often fail to mention what mistakes you need to avoid so that you can get your loan application approved.

Our McAllen realtors at Equity Assets Realty want to make sure that you don’t jeopardize your chances of owning the home of your dreams. Because of that, we want to give you a little guidance on 10 mistakes to avoid before trying to get a mortgage.

What NOT to Do Before Applying for a Mortgage

  1. Don’t miss out on any payments.
  2. You need to make sure that all your loan payments are current, especially your credit cards and car loan(s). Even once your loan has been approved, your lender will take one last look at your credit before finalizing your mortgage. A missed payment, even this late in the process, can end up with your getting denied – costing you time and thousands of dollars.

  3. Do not move your money around from account to account.
  4. The approval of your mortgage loan is based on the current state of your finances. That means that your lender is looking at your bank account up until the moment your mortgage is finalized. If you shift your money around – moving cash from one account to another – this may seem financially unusual to your lender and you will need to provide a detailed account of why you are doing so.

    An inadequate explanation can leave you without a mortgage loan.

    The same goes for moving to a new bank in the middle of applying for a mortgage. Your banking history is a meaningful factor that plays into getting a mortgage loan and changing it can negatively affect your chance of getting an approval.

  5. Avoid buying a big-ticket item like a car.
  6. Your debt-to-credit ratio plays a major role in your ability to get a mortgage loan. Making a big purchase can greatly increase your debt load and lower your credit score, which are both bad news if you are attempting to secure a mortgage.

    This one is one mistake that you absolutely need to avoid.

  7. Don’t open up any more lines of credit or use credit cards.
  8. When you’re buying a new home, you are likely to want to purchase furniture and appliances. While this is certainly an expected expense, you’ll want to avoid opening up a credit line or using a credit card to purchase these household items.

    This will change your credit score and will be seen as a red flag to lenders. Hold back until after your mortgage has been finalized.

  9. Avoid making large deposits into your account.
  10. When you start making large deposits, your lender will be more likely to scrutinize the loan and your finances, which increases the likelihood of being denied. Aside from your recurring paycheck, you need to avoid making large deposits.

    On a related note, it’s recommended that your down payment sit in your account for at least two months. This demonstrates your financial stability.

  11. Do not let anyone run a credit check on you.
  12. Having a company run a credit inquiry can make it appear as if you are trying to make a big purchase and take out more debt. This can have a negative effect on your attempt to secure a home loan.

    Even if you aren’t actually planning on making a purchase or taking out more credit, just avoid having your credit run.

  13. Don’t co-sign on a loan for anyone else.
  14. Co-signing on a loan means that you are financially responsible for that loan should the other party fail to pay up. It also places an unnecessary risk on your credit and financial situation which is something home loan lenders do NOT want.

    Keep your credit and financial situation stable while working through the home purchasing process. While you may want to help a friend or family member, you really need to avoid co-signing for them.

  15. Don’t ignore your other expenses and financial budget.
  16. It can be easy to fall in love with a home and to do everything you possibly can to secure a loan. In fact, your financial situation may be absolutely ideal when it’s on paper. But that doesn’t always account for your standard of living and other expenses.

    Don’t ignore your other financial obligations and your budget as this can really stretch you thin. And once you get that home loan, you will be stuck with a 30-year obligation that needs to be paid.

    Be conservative with how much you are willing to spend when purchasing a home.

  17. Don’t forget to account for all the out-of-pocket expenses of buying a home.
  18. Obtaining a mortgage loan goes way beyond just applying for and securing a lender. You’ll need to have plenty of cash available to afford the down payment, closing costs, and other fees associated with the home purchasing process.

  19. Don’t close a credit card account.
  20. While you may think that closing a credit card account may improve your credit score, this isn’t the best decision to make when trying to get a mortgage. Closing an account can reduce your available credit and increase your debt-to-credit ratio – this can really hurt your chances of getting a loan.

What NOT to Do Before Closing on Your Mortgage Loan

As we’ve mentioned before, your lender is going to check on your financial situation until at least 30 days before finalizing the loan. That means that if you have found a lender and already in the processing of closing out on a home, you’ll want to avoid the following actions during these final steps:

  1. Do not miss out on any loan payments.
  2. Do not quit your job or switch jobs.
  3. Do not ignore any requests from your lender or broker.
  4. Do not take out a payday loan or any other type of small loan.

While this is by no means an exhaustive list, it should provide first-time home buyers with some valuable insight. If you want a little more guidance and support, the expert McAllen realtors at Equity Assets Realty are here for you.

Contact Equity Assets Realty today at 956-994-9455. We have plenty of experience and success in helping individuals find their dream home in the McAllen metro area.

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