FAQ
Frequently Asked Questions
Real estate, with its complexities and nuances, often brings a myriad of questions to the minds of buyers and sellers. At SLC Homes, we understand the importance of clear, accurate information in making informed decisions. Here are some of the most common questions our home buyers and sellers have.
As a buyer, why do I need my finances in order before I start looking at homes with my Realtor?
There are so many reasons to have your entire down payment saved and your pre-approved financing in place with a lender.
- You’ll want to know how much you can borrow, and then determine how much you are comfortable paying per month based on your budget. Then you back into a purchase price for your future home based on your comfort level.
- You Realtor will want to talk to your lender so they understand your position and so they can determine how fast your lender can move if a fast close is needed in order to compete if the home has multiple offers.
- The seller of a home and the seller’s Realtor, will want to be sure that they are dealing with a serious buyer that can close on their home within the terms of the offer the buyer is making.
These are just a few of the things I discuss with new buyers when we start working together.
What is the best time to buy a home?
For buyers, there is a lot to choose from in the spring, but some of the best deals I see my buyers get are in the second half of the year. That said, when the right home for you comes on the market, sometimes it’s best to make your offer and not miss that opportunity if you really love the home.
Every home and location is unique, and if you have a specific area your prefer, you might not find another one quite like it.
These are the conversations I have with my clients to help them determine what is best for them.
In a multiple offer situation, can a buyer that has a loan compete with an all-cash buyer?
It can be challenging for a home buyer with a loan to compete with an all-cash buyer in a multiple offer situation, but keep in mind, cash is just one part of an offer, and there are several parts of an offer that effect the strength of the offer including:
- Purchase Price
- Earnest Money
- Contingencies for Due Diligence, Appraisal and Financing
- The Settlement Deadline/Closing
- Possession of the home
- Experience of the Realtor making the offer and their presentation and follow up with the seller’s agent on your offer during negotiation
- Not all cash offers are created equal. Some are flippers, wholesalers or have contingencies that turn sellers off
- Sometimes the seller would prefer to sell to someone who intends to occupy the home
- If you don’t get into first position contract, backup contact sometimes works out
A great Realtor will try to determine what’s important to the seller and then the buyer can decide what they are comfortable with as far as making their offer. Again, choosing a Realtor that understands how to present you and your offer in the best light to the seller is key, especially in a multiple offer situation against a cash buyer.
You win some, you lose some, but I’ve had several buyers with loans win against cash buyers.
