WNY Homes for Sale

Are you waiting for the Perfect Time to Purchase?

With interest rates at historical low levels, and the extension of the tax credit you cannot find a better time to purchase a home.   Interest rates as low as 4.75% were quoted in February.   Right now that gives you incredible buying power.   

How are you going to feel if you haven't purchased and the rates rise to 6, 7 or 8% or higher?   Those interest rates have been held artificially low by the government, and that is projected to change at the beginning of next year.

Read Also: Excellent reasons to not purchase a Home

It also helps that once you are working with a Realtor to find something else to do with your spare time other than searching for the Perfect home, at the perfect time.   That is why you just hired a professional to assist you.   To remove the barriers to finding the Best home for you!

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One of the most important things you will do when deciding to purchase a Buffalo home is how you are going to finance the purchase.   If you plan on obtaining a mortgage, rules are changing and you need to understand the process.  At bear minimum you need to pre-qualify for a mortgage for no other reason that to determine what you can afford to purchase.   This way we can ensure you are seeing Buffalo homes that you can afford. There is nothing more frustrating to a Buyer than to fall in love with the absolutely perfect home only discover you cannot afford it.

Pre-qualify vs. Pre-approval

To start, it might be helpful to explain the difference between pre-qualify and pre-approval.   Many Real Estate Professionals use the terms and you may not know the difference between the two.  The difference is significant:

• Pre-qualify - is when the mortgage professional asks you several questions, and based on your answers they tell us you would qualify for a particular amount
• Pre-approval - requires documentation and is based on the facts gathered.   The approval will be contingent on the home's appraisal and that your financial situation does not change.

Mortgage pre-approval will also make you a stronger buyer on paper when we present offers to sellers.  So not only does it give you a competitive advantage it will enable you to close quickly when you do find the right Buffalo home.

Before you start looking at houses with me, I will ask that you pre-qualify for a mortgage if you plan on financing your home purchase.   This will assist me in helping you find the right home.  

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The National Association of REALTORS® has created a useful document for homeowners in "How to Avoid Foreclosure and Keep Your House" if you are in trouble it is an excellent place to start.

Read Also:What is Mortgage Fraud?

Some of the resources cited in this document include:

For immediate advice, call 888-995-HOPE To speak to a counselor on how to avoid foreclosure. Available in English and Spanish, 24/7. Or visit their website for more information.

HUD Resources regarding Foreclosure

• For a list of HUD-approved counseling agencies, by state, go to www.hud.gov/counseling.
• HUD's Internet page-"How to Avoid Foreclosure"-is aimed at borrowers with FHA-insured mortgages, but can help other borrowers as well.

Additional Foreclosure Resources Check out:  Are You Facing Foreclosure in WNY?