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Linda Grissette |
| The
Best Seller GMAC Real Estate |
| 3829 Veterans Memorial |
| St. Peters, MO 63376 |
| Office: 636-936-2378 |
| Cell: 636-352-7122 |
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Licensed in Missouri.
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| Site Map |
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Step 10: Getting Financing for Your
Buyers |
| Most buyer of your home will have to get a loan, too.
Having a basic understanding of financing will help you talk with your
buyer prospects. There are many different kind of loans available
for buyers today. It used to be quite simple: VA (Veteran's
Administration), FHA (Federal Housing Administration) and Conventional
loans with 10% down, 20% down or more. Conventional loans have
expanded greatly. In the 1980's 5% down loans appeared and then in
the 1990's 3% down loans came on the scene. Those were followed
quickly with 0% down Conventional loans...with less fees required than 0%
down VA loans. Buyer's with excellent credit can even get a loan for
their purchase price AND closing costs.
Buyers with very good credit...and even with less than perfect credit
can get the same "deal" if a seller will agree to pay the
buyer's closing costs. Yes, you saw that right. Buyers with
less than perfect credit can get a 0% down loan with the seller's paying
their closing costs. The buyer gets a first for 80% of the purchase
price and a second for the 20% "down payment". Sure that
sounds like something is wrong, but most of these are done with the same
lender giving both loans, so nothing is hidden from the lender.
When you are working with a buyer for your home, make sure they have at
least a Pre-Qualification letter, if not a full Pre-Approval letter from
their lender. Make sure the lender gives you the terms of the loan
so your contact will reflect the loan the buyer is getting.
Depending on where you live and the lender, it should take 4 to 6 weeks
to close on your home sale if a loan is involved.
Commissions from as
low as 3.95%...with aggressive
marketing!
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© 2006 - 2008, L.S.G. Enterprises, Inc.
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