Gulfport Real Estate – Denied to Buy – Heres Why
Buying a home is a huge financial commitment. It makes sense to prepare assiduously for an in-depth assessment of finances. Sources of income presented to support a mortgage application should be verifiable. Cash transactions are always welcome, and cash buyers go to the head of the queue. However, paperwork relating to income sources must be in order. For instance, when a substantial cash gift is used for down payment, paperwork must show that the money is truly a gift and that the benefactor is in a position to endow such a significant amount.
Pre-qualifying for a mortgage is a good strategy to convince seller of your resolve to complete the transaction. Typically, lenders consider a debt-to-income ratio below 45 percent as an acceptable level. Assuming credit records are clean, a DTI within the defined threshold will merit favorable rates and loan conditions.
Sellers of Gulfport real estate dislike dithering with buyers, as this is often a source of stress and a waste of time. Be prepared for seller’s refusal to make any concessions including contributions to closing costs and additional expenses to cover pest control damage mitigation. Line up funds sources, and offer to close quicker than the industry standard of 30 days. A quick closing works in buyer’s favor especially when seller is fielding multiple offers.
Driving a hard bargain in a buyers’ market is commendable. However, even the most motivated seller can only take so much hemming and hawing. Consult with real estate professionals who will make sure that transactions process smoothly, and everyone emerges a winner.
If you have questions about buying or selling Gulfport real estate, give us a call at 228-275-7500.