The Importance of Being Qualified when Buying Tampa Real Estate

As in any market, the name of the game is qualification.  Just because you want to buy Real Estate doesn’t mean you can.  The Tampa Real Estate market is humming along at a very quick pace but the biggest problem now is that people are not getting qualified.  The banks are not giving away loans like they did before, they learned their lessons of greed and are now being more responsible in lending.  This creates a unique situation.  The buyers now need to be more qualified than ever or pay cash.  Cash deals have actually been on the rise…I have done two of them in recent weeks where as I had not done any in the last 5 years.

So here is the biggest piece of advice I can give you….Talk to a Bank or Mortgage company about your qualification.  There it is, plain and simple.  Know that you are qualified for that $500,000 home before you go see it only to find out that you only qualify for $200,000.  If you don’t know who to turn to, talk to your Realtor as most Realtors work with many different banks and/or mortgage companies so they can recommend some to you.  Shop around as well.  Don’t take the first offer you get, some banks may be offering some incentives that will cut down on your monthly payments.

And regarding paying Cash for a home, don’t get insulted if the Real Estate Agent asks for proof.  They are not asking anything out of the ordinary as if you write an offer, the seller will want to see proof of funds before they make a decision, wouldn’t you if the roles were reversed.  The Real Estate Agent is just trying to help you, so help them, help you!

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~ by ToughGuy on July 7, 2008.

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