RealEstate Investing :Sacramento Home Buyers Can Save Money Tip

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www.youtube.com/watch?v=exSaHfm6cZo


If you are a Sacramento home buyer, you might want to pay close attention to this real estate tip.  This real estate tip by Sacramento Realtor ®, Gena Riede can help save you money, time and a lot of heartache.

Just this week, an Elk Grove home buyer who had placed an offer on an Elk Grove home for sale that I had listed unfortunately found out that she didn’t qualify for a loan.  You are probably asking yourself if she ever got PreApproved before she placed an offer on the house for sale.

The answer is YES, she was PreApproved by a mortgage broker that she found on her own.  Unfortunately, she never asked her Realtor ® for a referral to a lender.  And in this case it came back to bite her.  After spending money on a home inspection and an appraisal, this Elk Grove home buyer found out just 7 days before she thought she would own the home for sale, that she didn’t qualify for a mortgage loan.

No home for this Elk Grove home buyer!

Seems her mortgage broker did not run DU which would have told him that if he didn’t already know that she didn’t qualify.  This Elk Grove home buyer had filed bankruptcy just 2 1/2 years ago and had a home that she owned go into default.  FHA does not take very kindly to that, and they don’t give new loans for a minimum of 3 years.  And starting in January Fannie Mae will not be issuing loans to those you have had a foreclosure for 5-7 years.

Let this bad home buyer’s experience help you as a Sacramento home buyer and ask your Realtor ® for a referral to a good lender.  We work with lenders every day.  We know the ones you want working for you and the ones to avoid.  Not all mortgage brokers are created equal.  Our goal as a Realtor ® is to provide you with excellent service and quality professionals toward gettting you your next home.

Check out all the Real Estate videos to help home buyers by clicking on the links below:

Sacramento Videos for Home Buyers

4 Reasons Home Buyers Are Afraid to Buy

© gena for Sacramento Real Estate and Luxury Homes, 2010. |
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