Home Buying Advice

Why Closing On A Home Can Be Such A Trying Time

hour glassThere are lots of things that you have to wait for in life but getting a response from a seller that is considering your offer on their property might be one of the hardest of them all to suffer though. It’s only one of the most important decisions of your life! Technically they can take as long as they want to offer a response but there are some things that may help take out some of the guesswork.

The Myth of the 20% Down Payment

When people think about buying a home, they are often discouraged by the idea of saving enough money for the down payment. Indeed, surveys have shown that the greatest impediment to home ownership for prospective buyers is the down payment. However, many potential buyers have the false notion that a mortgage requires 20% of the home's purchase price paid up front. In reality, the median down payment in 2018 was only 13%, and many buyers paid even less than that!

Writing an Offer Letter? Don't Mention These Things

When making an offer on a home, including a personal letter can go a long way toward getting onto the seller's good side. As you can imagine, selling a home in which you've lived for many years can be an emotional experience, so a few words of understanding and encouragement can sometimes be the factor that sets your offer apart from the others. Of course, a bad letter can have just the opposite affect by making a poor impression. Beyond the obvious things like spelling and grammar, the key factor to a good offer letter isn't so much what you put in as it is what you leave out. In this post, you can read about the topics that you'll want to avoid in your offer letter and see some specific examples of phrases that should never be included.