Tuesday, August 27, 2013

Mortgages and the Northern Virginia Home Seller

The word mortgage is in every NOVA homebuyer and seller's vocabulary and now, as rates rise with Northern Virginia real estate supply and demand, it's important to know the basics. Cash offers may come in and you might be tempted, but knowing how to prioritize and sort through the others might actually be the better option. A better approach is indeed to consider all of your home seller opportunities:

Cash Offers
An all-cash offer should always peak a home seller's interest, especially since this often provides a quicker sale and closing. After all, a failure to secure proper financing for one's NOVA real estate transaction is the number one reason why deals fall through. 

"A cash offer isn't a guarantee, however. And there's another downside for the seller: Most cash offers come from investors looking to "fix and flip" houses they buy at a discount," one home loan expert told MSN Real Estate. "These investors don't plan to occupy these houses for the long term, if at all."

Taking a cash offer is often a good bet that you'll receive your money quicker and sell faster, but on the other hand, with a homebuyer who secures financing, you might be able to make money in the process.


Pre-qualification Letters

These letters are written by lenders to state that a homebuyer is qualified to obtain financing for homes for sale in Northern Virginia. But, not all of these are created equal, and it's up to the real estate agent and seller to do some research to determine which are best. While loan officers cannot give a homebuyers personal details, they can discuss their strengths and just how qualified they are.

Closing Deals

Either way, NOVA home sellers have the ability to choose which offer best suits them and their real estate needs and wants. Cash offers do often mean a closing is imminent and a quick one at that, with no hassle of financing. But if you, the home seller, feel strongly about another offer, it's important you research before making the final decision.

Selling your home in Alexandria, Arlington, Fairfax County, or the DC area? Contact me today to plan out the best strategy for closing on your home.


Earle Whitmore


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