Brenda Kellen: We found the right home, what’s next? | SkyHiNews.com

Brenda Kellen: We found the right home, what’s next?

Brenda Kellen
Thoughts on Real Estate

Q.

We got pre-qualified about six months ago and think we have found the right home. What’s next as far as lending?

A.

– Get an updated pre-qualification letter from your lender. Many programs are changing and updating weekly and it would be smart to verify your pre-qualification from six months ago to be sure it is still good today.

– Ask the lender to include a Good Faith Estimate based on the sales price of the property you are considering purchasing. This chart breaks down the lender closing costs, pre-paid items, title company charges and misc. expenses relative to purchasing real estate. It includes the interest rate quoted, loan amount and down payment required, providing a very clear picture of the financial requirements to complete the purchase.

– Ask the lender if a typical 30 to 40 day closing date is acceptable for completing your loan.

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– Provide to the lender all requested documentation as quickly as possible. The lender’s job is to gather information and prepare a package for submittal to the underwriter. Based on the loan program you are using, the lender has different requirements to satisfy underwriting and must have the package complete for submittal. Keep copies of all the documents you give to the lender.

– Communicate regularly with your lender to be sure everything is going according to schedule.

Note: I took some heat last week from a real estate agent in the Three Lakes area. The statistics I provided did not include non-MLS transactions and there are a substantial number of property transfers in this market area that are not part of the MLS – so I am passing along the updated sales numbers for this area. (2007 – 84 sales. 2008 – 41 sales.)

For more insight into the current real estate market, please contact me directly at 970.485.1115, visit my website at http://www.gokremmling.com, or e-mail me at brenda@tombrenda.com. I have been selling with Omni Real Estate for over 10 years and help buyers and sellers in both Grand and Summit County.

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