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Lance Mohr & Team

Tampa2Enjoy.com

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How to Buy a House When You Have No Money

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Many people may ask how much they need to save in order to have enough money to pay the down payment when buying a new home. However, it is possible to purchase a new home without any down payment. This article will cover four ways in which you can buy a house without money.

How to Buy a House When You Have No Money

Before we can go through how you can buy a house with no money down, the most vital thing is to ensure that you hire a good lender. A lender, in this case, is the loan officer. Always remember that a loan officer can make or break the whole process of buying a home. Also, remember that the lender and real estate agent work hand-in-hand, and you must hire a real estate agent who understands everything about home buying.

The four ways to buy a house with no downpayment include:

FHA Loan

The Federal Housing Administration (FHA) Loan is a government loan program insured by the Housing and Urban Development (HUD). It is among the most popular loan programs that first-time homebuyers can use to buy a home with no downpayment.

The good thing about the FHA Loan program is that it allows people with a low credit score to buy a home. Someone with a 580 credit score can buy a home! It allows for a 3.5% downpayment which you can get as a gift from a relative. Once you have the downpayment, you can get the seller tp pay for all the closing costs up to 6% of the purchase price.

VA Loan

A VA Loan is a mortgage option provided by private lenders and is partially backed by the Department of Veterans Affairs. It requires a $0 downpayment. Ideally, anyone who has been in the military is eligible for a VA Loan.

Unlike VHA Loans, a VA Loan does not have mortgage insurance. The Veterans Administration covers the loan in case of default and allows the seller to pay closing costs up to 4% of the sales price.

Conventional Loan

You might have heard of Freddie Mac or Fannie Mae loans. They are conventional loans and typically have a down payment of 3% or 5%, but like the other loan programs, someone can pay that for you as a gift.

Conventional loans allow the seller to pay closing costs up to 3% if you pay up to 5% downpayment, but up to 6% of closing costs if you pay more than 5% of downpayment. You can also request the lender to increase the interest rates slightly, then pay the closing costs.

 USDA Loan

USDA Loans are typically meant for rural areas but are not limited to rural areas. They do not require a down payment and allow up to 6% seller concession – that is, the seller can pay for up to 6% closing costs.

Bottom-line

All the loan programs are fantastic. You need to get a good lender who will identify the best loan program for you.

Related Videos

For More Information Contact Me:

Website: http://www.tampa2enjoy.com/search-homes/​

Call: (813) 317 – 4009

 Email: lance@tampa2enjoy.com

YouTube: https://www.youtube.com/user/Tampa2Enjoy

Podcast: https://redcircle.com/shows/expert-real-estate-tips-lance-mohr

How to Pick a Mortgage Lender

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When planning to buy a home, people usually ask questions on whether to use a mortgage broker, bank, or credit union. People typically find it hard to tell the difference between the three. In this article, we go through all the options and show you how to pick a mortgage lender.

Credit Unions

Credit unions offer various services like car loans, savings, and many others, just like banks. They also have excellent customer care practices. However, credit union staff are on a salary, which may include bonuses, meaning that they can turn you down and still get paid. They also do not undergo intense training.

Banks

Banks offer excellent services, but the problem is that they do not specialize in a particular line of service. They offer savings, loans, CDs, and many other services. However, banks issue their loans to specific individuals and may be quick to tell you that you do not qualify for a loan.

Many people may not meet the requirements of banks. They always want you to have a high credit score. Additionally, their interest rates are relatively high, but the good thing is that the closing costs are generally lower. Bank staff are also salaried and can turn you down but still get paid.

Mortgage Brokers

One thing with mortgage brokers is that they do not get paid unless people are taking loans. As a result, mortgage brokers will help you get the loan that suits you. For instance, if you are on the FHA program, the broker will have a lender focused on FHA. 

Generally, a mortgage broker will give you the options that can work for you. Instead of telling you that you do not qualify for a loan, they will find an option for you. People with low credit scores can also find a lender.

Mortgage brokers only specialize in helping people get mortgage loans, and their efficiency is because they only get paid in commissions. The 100% commission is a motivator. The mortgage broker can help you get a loan from a bank that turned you down. However, a broker may charge you more as they have to settle expenses like underwriting.

So how do you pick a good mortgage lender?

Generally, deciding between a bank, broker, or credit union may be a challenge. However, the specific purpose of the loan determines where you can get the funds. For instance, when you want a construction loan, it will be better to go for a bank and not a broker.

Before you get to choose a mortgage broker, ensure that you conduct due diligence. You can ask questions like why should I work with you? Why should I work with your company? The responses will help you pick the best mortgage lender.

Bottom-line

Asking a lot of questions will help you get the right loan program for you. Interest rates do not matter, but the right loan program will be beneficial. Additionally, when you settle for a mortgage broker, ensure that they are local. Ensure that the underwriters and processors are all local and you can physically meet them.

Related Videos

For More Information Contact Me:

Website: http://www.tampa2enjoy.com/search-homes/​

Call: (813) 317 – 4009

 Email: lance@tampa2enjoy.com

YouTube: https://www.youtube.com/user/Tampa2Enjoy

Podcast: https://redcircle.com/shows/expert-real-estate-tips-lance-mohr

How to Get The Best Mortgage Interest Rate

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One of the common mistakes that first-time homebuyers make is choosing the wrong lender, and they end up falling prey to predatory mortgage lenders. An expensive mortgage can disrupt your finances and the total interest costs will be larger than they need to be.

That’s why it’s important to shop around and get the best mortgage rate.  Knowing how to get the best mortgage interest rate starts with understanding how mortgage works and the kind of options your lender offers.

If you’ve been wondering how to get the best mortgage interest rate, you’re at the right place.

The first step toward getting the best mortgage interest rate is choosing the right lender. But how do you choose the right lender?

Start with assessing your situation

Before considering a specific lender, assess your needs so that you can choose a loan that fits your situation. What is your credit score? How much money do you have for your down payment? What’s the cost of the home you want to purchase? Are you likely to relocate?   

If your credit score is low, your interest rates are likely to be higher as compared to someone with a high credit score. That means you’ll need to look for a lender who’s willing to work with borrowers with low credit scores but with reasonable interest rates. However, you might qualify for a lower interest rate if you make a larger down payment.

Your mortgage payments will depend on your home’s cost among other factors. The higher the cost of your home, the more you’ll pay in mortgage payments. You can use a mortgage calculator to estimate your monthly payments and try various scenarios.  

Consider loan options

Lenders offer a range of loan options based on loan term, interest rate type, and loan type. Do you want a 5-year, 7-year, 15-year, or 30-year mortgage? Do you prefer fixed or adjustable rates? Are you looking for a conventional, FHA, or special program loan? Choosing the right loan program based on your unique circumstances will help you get the best interest rate.

Generally, there are three ways to get the best mortgage rate:

  1. Shop around

Mortgage interest rates vary from one lender to another. For example, Bank of America mortgage rates will be different from Wells Fargo interest rates. Be sure to get quotes from several lenders and compare them to choose what works best for you.

  • Improve your credit score

Typically, borrowers with high credit scores get the best refinance rates. A credit score of around 700 and above will help you get the best mortgage rates. If your credit score is low, you may want to take your time to boost your score before you apply for a loan. You can boost your credit score considerably in six months, and increase your chances of getting the best mortgage interest rates.

  •  Choose a shorter repayment period

Typically, loans with a shorter repayment timeline have lower interest rates unlike loans with longer repayment timelines. If your goal is to get the best mortgage interest rate, it’s advisable to choose a shorter loan term. 

 These are some of the best tips on how to get the best mortgage interest rate.

Related Videos

For More Information Contact Me:

 Website: http://www.tampa2enjoy.com/search-homes/​

Call: (813) 317 – 4009

 Email: lance@tampa2enjoy.com

YouTube: https://www.youtube.com/user/Tampa2Enjoy

Podcast: https://redcircle.com/shows/expert-real-estate-tips-lance-mohr

Tampa Realtors- 6 Best Tips On How To Choose a Realtor

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Buying or selling a home is a lifetime investment that requires working with top realtors in Tampa Florida. Hiring a reputable realtor in Tampa will save you time and the stress of having to learn the aspects of the Tampa property market.

However, with so many realtors advertising their services in Tampa realtors directory, you may be confused on how to choose a Tampa Realtor.

Follow these six tips on how to choose a Tampa Realtor to make sure you hire the perfect pro:

  1. Do background research

Once you have a list of potential Tampa realtors to choose from, go ahead and do some research on those particular realtors. Go to their website and check their portfolio and see how they present their services.

Also, you’ll want to look at what their previous clients are saying about their services on sites like Yelp, Angie’s List.

  • Look at their experience

How long have they been in the real estate industry? How many clients have they worked with? Do they have past client testimonials and video reviews?

These questions will help you gauge if the realtor understands the local market, as well as your kind of property.

  • Certifications

The best black realtors in Tampa, FL always seek to further their education to strengthen their skillset. Ask your potential realtors if they have any certifications and specialties. Finding a realtor with several certifications is a huge bonus. 

  • Choose a real estate agent who’s tech-savvy

Modern technology has changed the way realtors do their work and those who have embraced the latest technologies always have an upper hand. When choosing top real estate agents in Tampa, be sure to consider how they use technology to help you get the best deal.

Do they utilize social media to market their services and their clients’ properties? How do their listings look like on Tampa MLS? Do they use electronic solutions to help clients save time?

Asking potential candidates these questions will help you establish their level of professionalism. A reliable South Tampa realtor will use latest technologies to get more leads, save time, and become more productive. 

  • Communication

 A reliable realtor should keep you updated at least 2 times per week. Ask them how they’ll keep you informed to determine if their mode of communication will work for you. You can gauge their level of communication from how they answer their calls or text messages during the initial consultation.

  • Length of contract

Ideally, you should work with an agent with a contract limited to six months or less. It’s not advisable to go for a contract that’s too long because it could limit your options in case the agent fails to deliver.

There you have it. These are the six tips on how to choose a Tampa realtor.

Buying or selling a home can be an overwhelming process. At MOHR HOME GROUP, we’ll guide you through the process to help you save time and give you peace of mind knowing that you’ve made the right decisions.

Related Videos

For More Information Contact Me:

🌐 Website: http://www.tampa2enjoy.com/search-homes/​

📞Call: (813) 317 – 4009

📧 Email: lance@tampa2enjoy.com

YouTube: https://www.youtube.com/user/Tampa2Enjoy

Podcast: https://redcircle.com/shows/expert-real-estate-tips-lance-mohr

4 Essential Home Buying Tips to Save Time and Frustration

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Buying a home is exciting and at the same time overwhelming—especially for first-time home buyers. With the many requirements, tasks, and steps involved in the process, you'll need a printable checklist for buying a house to ensure you get the details right from start to finish.

In this article, we’ll provide you with a checklist for buying a house for the first time to help you navigate the process smoothly and save time.

  1. Age of the home

The age of a home is a key consideration in a first-time home buyers checklist printable. Most first-time homebuyers focus more on the location and the price of the home they want to purchase. Of course, these factors are important, but the age of the home should be an important consideration as well.

Knowing the age of the home you want to purchase will help to narrow down the search and make buying a home quick and stress-free. 

Generally speaking, new homes command higher prices than older homes, but there are exceptions.

With the countless homes for sale in Tampa Florida, you’ll find both new and older homes. The options can be overwhelming and as a result, you’ll need the help of a professional Tampa realtor to help you with evaluating the available options.

2. Square footage

Square footage is another important consideration in a first-time home buyer checklist 2021. This factor plays a major function in a home's value alongside the age of the home and other criteria. When you're looking to buy a home, you must have your minimum square footage in mind to simplify the process further.

An experienced real estate agent in Tampa knows the kind of properties on sale in the locations you’re considering; so they can help you find the perfect home with the square footage you’re looking for. 

  • Listed Price

The listed price is arguably the most important consideration in a home buying checklist printable. Home prices in Tampa vary widely based on many factors. It’s important to have a price range in mind; otherwise, you’ll miss out on finding the right home.

In addition, you don’t want to buy an overpriced home. That’s why you need to enlist the services of a Tampa realtor to help you determine the right prices.

  • Determine the area you want to live in

It becomes much easier to find the right home when you know exactly where you want to live in. Knowing where you want to live will not only help to save time but will also ensure you don't miss out on great deals.

There you have it. These are the most important considerations in a checklist for buying a hose for the first time.

Your first home is a big purchase and you want to get everything right. This checklist for buying a house for the first time will save you money and frustration, and ensure you find the perfect home.

Most importantly, working with an experienced Tampa realtor will take the weight off your shoulders throughout the home buying process.

Ready to get started with home buying? Let the Tampa real estate experts at MOHR HOME GROUP help.

Related Videos

For More Information Contact Me:

🌐 Website: http://www.tampa2enjoy.com/search-homes/​ 

📞Call: (813) 317 – 4009

📧 Email: lance@tampa2enjoy.com

YouTube: https://www.youtube.com/user/Tampa2Enjoy

Podcast: https://redcircle.com/shows/expert-real-estate-tips-lance-mohr

3 Critical First Time Home Buyer Mistakes

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Buying a home can be confusing—especially if it’s your first time. A good number of first-time homebuyers can agree that the home buying process is overwhelming. With all the big decisions to make, the emotions that come with the process, and the whirlwind of home shopping, it’s easy to make first-time homebuyer mistakes.

Some are minor and some can take many years to correct. Luckily, first-time homebuyer mistakes are avoidable. With first-time homebuyer tips, you can avoid these mistakes on your journey to owning your first home.

 

Here are the three critical first-time homebuyer mistakes and how you can avoid them.

  1. Choosing the wrong realtor 

While having a qualified realtor represent you throughout the home buying process can save you time and frustration, working with the wrong one comes with major drawbacks.

Some first-time homebuyers end up working with unlicensed realtors, maybe because they want to save money or they don’t know how to choose a reliable realtor. Working with a realtor who doesn’t have extensive experience in your property type is a recipe for disaster. 

An inexperienced realtor will perform poorly when it comes to negotiations and they will never make it to closing. Furthermore, they won’t be able to find the best deals due to their inadequate understanding of the local real estate market. 

Generally, hiring the wrong realtor can make the home buying process even more stressful than it can be in the first place. 

As a first-time homebuyer, it’s in your best interest to find a realtor who understands how to buy a home for the first time step by step to set yourself up for success. Also, the realtor must have experience working with first-time home buyers. 

2. Choosing the wrong lender 

This is another common mistake that most first-time homebuyers make. Most homebuyers fall prey to predatory lenders who charge very high-interest rates and hidden fees, and others choose the wrong loan programs. Most people assume that all lenders are the same and this is where they go wrong. 

When choosing a mortgage lender for first-time homebuyers, it’s important to shop around to find the most trusted lenders. Ensure you understand what the lender is offering before borrowing money. 

It’s also a good idea to familiarize yourself with first-time homebuyer programs 2021 and first-time home buying 1010 to avoid the common first-time home buyer mistakes.

3. Skipping home inspection

Some first-time home buyers skip the home inspection process because they think it’s unnecessary, while others seek to save money. Skipping home inspection could lead to serious and costly repercussions down the road.

It's in your best interest to hire a licensed home inspector and ensure they check every aspect of your home. Whether you're buying a new home or an older home, a home inspection is absolutely necessary. It should be one of the key considerations in your first-time home buyer checklist 2021. 

If you’re seeking more information about buying your first home, visit our website at MOHR HOME GROUP. 

Related Videos

For More Information Contact Me:

🌐 Website: http://www.tampa2enjoy.com/search-homes/​ 

📞Call: (813) 317 – 4009

📧 Email: lance@tampa2enjoy.com

YouTube: https://www.youtube.com/user/Tampa2Enjoy

Podcast: https://redcircle.com/shows/expert-real-estate-tips-lance-mohr

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I got asked this question last week. “What's the most important quality for a real estate agent to have?” So I thought I would answer it in this video. There are so many things a buyer and/or seller should look for when hiring a Tampa real estate agent. Some that come to mind are:
1. Honesty
2. Knowledge
3. Experience
4. Availability
5. Negotiating Ability

Transcription

Hi everyone. This is your Tampa Bay realtor Lance Mohr and in this videos, I want to go over a great question I got the other day from a home buyer and that is. What is the number one quality a real estate agent should have when you work with them? Iím going to go over that in this video.
I just thought that was a really good question. I just, of course, wish I could really narrow it down to one quality and I am going to do that. I would say if you're looking for a real estate agent whether you are a buyer or a seller you really need to look for an agent that has a lot of great qualities. Not just one or two of them. You know thereís so many things. Do they have great communication? Are they honest? Are they looking out for your best interest? Do they know what they are doing? If they been in the business a while and happened a lot of experience. Are they are going to be available to show your property? What happens if they go out of town? Do they have someone in their team or someone in their office or someone they could get you in the home so you donít lose it? Do they have to know how, how to negotiate?

What is the single best quality you could have? Now before I answer that. I do want to just give a side note here. I just have to say, I think most agents out there are honest and they are really trying to do the best their home buyers and home sellers. Some of them just donít have the experience level. I want to sort of put that off because at the end of the day you to hire an agent that's honest or forget it. I just want to assume that every agent that youíre talking to that you have a good feeling that is least theyíre honest but if we take away and just put that off to the side.

I would say the number one quality an agent could have would be their knowledge. Not just book smart but more knowledge on experience. If they did, if they have been through is this our first rodeo or is it their thousands of rodeo and how do they. What experience level do they have because of weíre in a different market right now and thereís a lot of people out there? They just donít know what they are doing and I think thatís okay. I mean everybody has to learn but you want someone who knows what they are doing. Someone whoís knowledgeable. So out of everything except honesty and I'm just going to say, I think everybodyís going, to be honest out there. There are a couple bad apples but not many of them out there but put it aside honesty I would just say knowledge. That would be my number one quality. I think any real estate that youíre looking whether youíre buying a home or whether youíre selling a home should have.

Iím curious to find out what do you think. Do you agree with that? You think knowledge? Do you think availability? Do you think I should just say honesty and forget everything else? So in your input, Iíd like to know what you think. I hope this helps you. If you have any questions. Don't hesitate to reach out and contact me. If you like my videos please subscribe to my channel Click here. Click the little bell icon and youíll be notified of my videos. I wish you the best of luck whether youíre buying a home or whether youíre selling a home. Have a great day.

https://tampa2enjoy.com/blog/16148/

Realtor Reviews – Are They Real or Fake?

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Have you ever wondered if Realtor reviews are real or fake? Find out if you should believe the Realtor reviews you read online. I've seen it all over the last 20+ years in real estate and I see it's getting harder and harder to find a knowledgeable Realtor you can trust. With so many home buyers and sellers looking at online reviews of Realtors that they are thinking of hiring, I wanted to do a video on this whole review subject. Enjoy the video below.

Transcription

Hi everyone. This is your Tampa Bay Realtor, Lance Mohr and in this video, I'm going to go over realtor reviews. I'm going to talk about should you or can you trust the realtor reviews that you read online? And then I'm going to go over a true story that actually happened to me.

Realtor reviews, I understand when you're looking for a real estate agent, you want to get online, you want to look at the different reviews, you want to check everything out. And all I would say is take this with a grain of salt. And the reason is, is these are online. A lot of them could be fake. A lot of them could be vindictive. Maybe different people are saying different things. If it's a video review, I would say tend to believe that a lot more over a written review. You want to definitely look around and shop but my suggestion to you, if you're going to get reviews, look at reviews. I think it's good but also go their website, their social media account, like their Facebook business page or their YouTube channel. See what kind of person they are. See what kind of agent they are. Read up on them. Look at the reviews with a grain of salt. Again, if it's a video review, it's probably more believable. But several years, what happened to me in 2009, I had one of our competitors in the area. And what he did, he was trying to sabotage my wife and I.

My wife was in business at the time with me. And what happened is you know when you go into Google and you start typing a name, it auto fills it? This is what he was doing. He was typing in Lance Mohr is a blank, it starts with a D. And then Lance Mohr is a blank and it starts with an A. And he was typing that in for days and days. Each one of them, like 50, 60 times a day. He's hoping when people were typing in my name it would auto fill with what he was saying. Well, the reason we found this out is because we actually had a program and every time my name or my website tamps2enjoy or it was typed in, what it would do it would track it and show the IP address. We looked at it and we saw the IP address was coming from three places. It was coming from Riverview, South Tampa and Spring Hill. Well, our competitor, they lived in Riverview. Their office was in South Tampa and their second home was in Riverview. And I know this because my wife and I used to be … well, I'm saying my wife and the other gal, the other owner, they were good friends until they had a falling out because they started plagiarizing stuff on our website. Anyhow, what happened is just a few days after this was happening, I noticed two reviews came in on me almost identically on one day and then four days later and they were one star reviews. One of them basically read that “I called Lance Mohr up. I was looking at buying a home. He referred me to his buyer's agent Anthony. It was a horrible experience. Lance started spam emailing me and I was buying at 1.2 to 1.5 million dollar home.” Well, first off. Anthony and I parted ways because he went off on his own months before that. And very few people, unless they knew me or they were actually buyers back months ago, actually even knew who Anthony was, and he was already gone. And second off, why would anybody put that they're buying a 1.2 or a 1.5 million dollar home in the review? It makes no sense. Plus, where he was looking at was basically a subdivision that was in my backyard. It was right next to me. It was just absurd. And I noticed both of them came in right one and then the other one four days later. I just … I'm not saying this about myself.

I'm just saying there are competitors out there that will try to sabotage their competition. And I know agents that have had friend write reviews for them. And just take that stuff with a grain of salt. When you're looking for a real estate agent, due your due diligence. Look at the reviews. But also again, get on their website. Get on their social media pages, their Facebook business page, their YouTube channel, et cetera. Check it out. If you have any questions at all, don't hesitate to give me a call. If you're looking in the Tampa Bay area, hopefully I'll get a chance to talk to you. I'd love to work with you. I wish you the best of luck in buying a home or selling a home. Have a wonderful day.

Visit my YouTube channel for https://youtube.com/tampa2enjoy more educational real estate videos. Don't forget to share my videos and subscribe tomy channel.

Lennar Homes purchased CalAtlantic Homes

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In case you have not heard, Lennar Homes purchased CalAtlantic Homes for an estimated $9.3 Billion deal. This will make Lennar Homes for LARGEST home builder in the nation. Over the years I’ve been through a lot of these mergers and buy-outs. So if you are in the process of building with Lennar or CalAtlantic Homes this buyout should have no effect on you or your decision. Of course, I am not speaking for Lennar or CalAtlantic. Enjoy the video.

Transcription
Hi everyone. This is your Tampa Bay real estate agent Lance Mohr and hot off the press when Lennar homes is buying Cal Atlantic Homes and I’ve been telling some people today already that I’ve been talking to who are Cal Atlantic future home owners about this and the question is really coming to mind that is going to affect me as it can affect my warranty. What happens when I close the home and I tell them is pretty much no because I think through this before, remember a couple years ago Ryland did Standard Pacific merged and then years ago Lennar ended up buying US Home so it really does not have any effect. I mean when it comes to the warranty and how things are done once the acquisition is complete and they buy Cal Atlantic, things are going probably change more internally. They are two completely different builders but both very very good builders for different reasons.

I mean how they negotiate contracts is completely different. You know, how they pay attention to the attention to detail outside the home, inside the home and behind the walls is completely different on both builders but again they’re both very very good builders and this is good. I was happy to hear this because right now as it sits DR Horton is going to probably be the number one builder in the nation. Lennar will be the number two builder, Pulte the number three and Cal Atlantic will be number four so I’m certainly glad that it’s Lennar that’s buying Cal Atlantic over say DR Horton or Pulte.

I have tons of educational real estate videos in my YouTube channel https://youtube.com/tampa2enjoy. Don't forget to share my videos and please subscribe.

So anyhow, if you have any questions let me know. If you have any questions on Lennar Homes or Cal Atlantic homes or a lot of the builders check out my reviews. I’ll put a link above here on new home builders and you can watch the reviews and don’t forget to watch all my new homes videos. I have a ton of videos. It will save you a bunch of time, bunch of money and get you really well educated so you could make knowledgeable decision moving forward for you and your family. I wish you the best of luck. If you have any questions let me know give me a thumbs up. If you like these videos and don’t forget to subscribe. Have great day!

Why Do I Need A Pre-Approval Letter Before I Start Looking at Homes?

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You never know if you are going to full in love with the 15th home you walk into or the 1st home you walk into. But either way, you better have you duck in a round if you want to be the owner of that home. Almost all Realtors in Tampa Bay require at least a pre-qualification with every contract where the buyer is getting a mortgage loan.

TRANSCRIPTION

Hi everyone. This is your Tampa Bay realtor Lance Mohr and in this video, I'm going to talk about a question I get a lot. That's, why do I have to get pre-qualified for a mortgage before I go out start looking for a house. I’m going to address that question and even peel back the onion a little further about pre-qualification and pre-approval and how you can make even more money when you buy a home.

So first off when you start looking for a home, you never really know when you're going to find a home. I've had people in my car maybe we looked at 15 homes and I've actually had a lot of people that they found a home the very first time they went out and of course always advise people to get pre-qualified. I really wanted to get pre-approved before we even start working out looking at homes and there's a reason why. First off, if you look at home and your pre-qualified and you find the home you like you present, we present an offer to the agent, the agent looks at it there probably not even going to give it to the seller without at least a pre-qualification letter. So what is a pre-qualification letter? Basically a letter from a lender that says I’ve pulled your credit report. I've worked over on the application you gave me. Your income, your debt, your assets all your stuff and based off what you told me your pre-qualified for this amount of money. Well a pre-approval letter means is basically a step further they pull your credit, they verified your employment, they verify your bank account, you’re pretty much a cash buyer.

So the thing is this and I always tell buyers. I say, look at it from a sellers point of view. Everybody knows it’s a market right now and then in your price range, there's a very good probability that you may be in a multiple bid situation and if you aren't a portable bid situation it may come down to who's the most qualified buyer. Actually, it may come down to who's the most qualified buyer even before who are offering the most amount of money because most sellers will take the most qualified buyer and counter back to them for a higher price because they want to work with a more qualified buyer.

So I says to the buyers is this, let’s say another buyer is pre-approved and the agent goes up to the seller and say, hey I want to buy your home for whatever 300,000 dollars and I talk to you when your 2 weeks ago and it pre-qualified me for 300,000 and they said I’m good to go. And then we walk in and say, we want to buy your house. We are already fully approved for the mortgage. Everything's been verified, credit, income, assets and basically a cash buyer. We want to buy your home for $300,000. Who do you think they're going to take? In probably about a hundred, in a hundred cases or even a thousand out of a thousand they are going to take the pre-approved because they know they’re a slam dunk. It's like a cash buyer. Even if we came in at 390 and the other person was, I mean 290 then the other buyer was at 300 they would probably counter us back because they want to work with us more but they're going to go with the pre-approved buyer over pre-qualified.

So definitely get things going. Get a good mortgage lender, get pre-approved, get a good real estate agent, go out and find your home. In this way, you have everything on the rope. The last thing you want to do is get out in your car find your perfect home not be pre-qualified or even pre-approved or anything and then lose the home and then compare every other home to that home. If you have any questions don't hesitate to reach out, give me a call (813-317-4009). If you're in the Tampa Bay area I’d love to work with you just let me know how I can help you. Have a wonderful day. Thank you very much.

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If you're interested in buying a condo in Marco Island, please contact our friend and professional Realtor Dan Boyle at (239) 963-6268. He’s a great Realtor that has been in the business since 2010 and will take great care of you and your family.

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Keller Williams Realty – Tampa, Florida

Mohr Home Group
18302 Highwood Preserve Parkway
Tampa, Florida 33647
(813) 317-4009 | Map | Email
Licensed REALTOR® in the State of Florida

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