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Four signs a homebuyer is ready to purchase
on July 12, 2012 @ 8:38 am (Updated: 1:36 pm - 7/12/12 )
You have prospects expressing an interest in purchasing your home, but how do you know if they're really serious - or able - to buy?
A large multiple listing service asked its real estate member network for some of the best signs for understanding whether potential buyers are really ready for the task of the taking on home ownership. Here are some indicators members noted about willing, able and ready homebuyers:
- They avoid making other major purchases: Big-ticket purchases, like a car, are put off until after they buy a home. Potential buyers should be working to keep their cash reserves high and prove to lenders they can take on mortgage debt.
- They are increasing their savings: Homebuyers save enough money for six months of mortgage payments and at least a 3.5 percent of the purchase price for a down payment and closing costs. Buyers shouldn't forget about moving and possible home repair costs too in setting up a savings plan for a home purchase.
- They have their credit in shape: Homebuyers should know their FICO score and know how it can impact the mortgage rate they get. Borrowers with credit scores of at least 700 tend to get the best mortgage rates.
- They know what they can afford: Homebuyers should get
pre-qualified for a mortgage so they know how much they
can afford, what types of loans they can qualify for, and
set a comfortable monthly mortgage payment goal.
Tom Kelly,
Real Estate Today
Tom Kelly has been a professional journalist for 36 years. He served The Seattle Times for 20 years, many as Real Estate Editor.
Tom Kelly has been a professional journalist for 36 years. He served The Seattle Times for 20 years, many as Real Estate Editor.
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