That is not always the case. Your first step would be to contact a reputable local lender and find out where his credit is right now. If there are any issues, like a lack of a credit score or very little active credit lines, you have time to make any adjustments you need to now so that you are ready when the time comes.
There are mortgage programs that allow for non-traditional lines of credit which would include the rent you pay, your cell phone bill and perhaps even your car insurance or utilities. Those mortgage approvals have to be manually underwritten so that can delay the process that's why I always recommend, if you know you are in this category of buyer, start now to make a plan of action,
Please remember, the lowest price or fees does not necessarily make the best lender and the one who advertises on the most radio stations isn't always the one you want to call either. Do some research and speak with a local realtor. They can tell you from past experience which lenders they have SUCCESSFULLY closed transactions with and that's where your focus should be placed.... more
Homes in our area are actually selling for about 96-97% of list price at this time and that has been the case for several years now. Professionals here know when we list a home, we HAVE to price it where it should logically sell so we aren't inflating prices. There are some specific communities that vary a little bit.
Depending on the situation, most buyers are also asking for some assistance in paying closing costs. So if you are thinking of listing your home, be prepared for that to come on virtually any offer you receive.
You can sometimes roll those expenses into the price of the home. For instance, if your price was $225,000 and the buyer asked for $5,000 in closing costs too, you may be able to say yes, if they will agree to purchase the home at $230,000. However, the home must appraise for sales price or greater so be aware of that before you tack on that amount. An excellent agent will explain the possible scenarios and make sure you are prepared.... more