The first step to purchasing a home is figuring out how much you can afford and securing financing. Almost anyone professional in the real estate business will tell you this, and this is sage advice.
BUT – don’t forget the important next step…you need to let all parties know what TYPE of financing you are obtaining. I recently had a listing transaction where the buyer decided to switch the type of their financing mid-way through the transaction. Now, while the type of financing didn’t hurt their ability for qualification or loan approval (I called their loan officer to make sure everything was on track for closing), the buyers were surprised that neither their agent or loan officer were aware of this contractual detail.
It is important to understand that changing the type of loan requires additional amendments, approvals, and mutual acceptance between both parties. It can give the seller contractual leverage, it can delay the closing and the new type of loan can add additional contractual obligations by each party (specifically of FHA or VA loans).
Work with professionals in all areas of your real estate transaction to assure a smooth closing. Not all loan officers work purchase transactions in your local MLS. Not all real estate agents work with buyers. Most real estate agents don’t work with more than a handful of buyers each year.
If you are looking for a professional to help you purchase your next home, please don’t hesitate to contact me at (425) 483-1010 or via email at Ryan@BoardwalkSeattle.com
Real Estate Broker | Realtor ®
Boardwalk Real Estate, LLC
Phone: (206) 930-7959 | Email: Ryan@BoardwalkSeattle.com
Providing professional real estate services throughout the Greater Seattle area.