Hey Everyone! How’s your summer (housing) body coming along?
Erin Finke of The Yi Team at Fairway Independent Mortgage Corp and Alexandra Ross of Ross Residential RE/MAX are talking about the safety nets and contract contingencies that you can build in to a home offer to protect you whether you are the buyer or the seller.
Scroll down for the transcript and links.
GET YOUR SUMMER HOUSING BODY READY
You should have been working on it for the last couple of months! We’re in May already!
And by that we mean, how is your summer “housing” body?!
Just like working out and just like going to the gym, results are made over the winter to have that beautiful body come summer, that you all desire to have.
You’re not going to be a statuesque beach bod or beach house without planning. You’re going to wake up one day and say, “I wish I started 6 months ago.”
Unless you won the lottery. That fixes everything. Then you don’t need us!
People think about buying and say, “I’m getting ready to buy!” and they’re not ready. And when we say they’re not ready, they have decided in their minds that they’re ready, but in their body, and when we say body we mean being realistic, having their finances in order, having your home on the market if you need to sell one, your summer housing body. All these things are important in preparing to purchase property.
It’s like your diet, if we want to relate it to something.
Right, if you want to whittle away at the fat if you will.
If you have debt you lose it, at least some of it. You can keep a little on.
To that point, it doesn’t just happen over night.
HOW YOUR MORTGAGE ADVISOR IS LIKE YOUR TRAINER
We’ve talked about buying property. But have we talked about how much time it could potentially take to purchase a home?
Most people you come across as a mortgage advisor are really ready right off the bat.
Right, there are some things based on what their goals are that need to be addressed. It’s just like meeting with a personal trainer for the first time.
“My ass is fat, I want it to be less so. So what do I do?”
How do you get where you’re going?
How is your summer housing body?
JUST GET STARTED
It doesn’t mean that you can’t buy a house this summer, if you haven’t been training for 6 months. It’s May now, you could buy in early September?
The whole point is you’re going to wish you started yesterday.
START WITH YOUR CREDIT SCORE
Alex and I were thinking about all the things that you need to know to get started. You need to know your credit score. That could be a place where there is a little extra fat hanging around. Maybe there are some derogatory items that need to be cleaned up. Or maybe it;s a little extra credit card debt that you want to tighten up and boost your credit score.
You can do this in a short amount of time. It’s the myth of how long it will take. Now, if you haven’t paid a bill, or have been habitually late for the past two year, then it is probably going to take a bit of time.
As a disclaimer, neither one of us is a credit expert or can determine credit scores. But we have seen many occasions where someone has credit issues and they want to write an offer today and there ARE things that can be done today to put you in a better position.
But there have been times too, where we have buyers that want to buy a house today and the cards just aren’t working out for them because of something in their housing that needs to be cleaned up first. It’s just the nature of it. If you stick your head in the sand like an ostrich, you’re not going to see or get anywhere.
I know we’ve touched on it a while ago on these things that you wanted that you called a pipe dream and here you are two years later with them.
And here I am again today, oh I have another one. I have these pipe dreams of things I want to do. It just means that it’s something that is far away. I was thinking about one today, okay this is something that I want to obtain in two years. And I’ve already put the motion in my head. And the steps I need to take to get there. Because it took me a year to get to where I am today. An entire year.
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