Gulfport Real Estate – Denied to Buy – Heres Why

    Interest in home ownership has not waned even as the Gulfport real estate market displayed major fluctuations in price and inventory echoing the nationwide trend. As real estate numbers hint at a recovery, buyers attempt to corner their piece of the market at a favorable price level.
    Under normal conditions, buying a home requires a game plan, but even more so when the demand and supply situation in the Gulfport real estate market is changing quickly. The plan involves financial, emotional and practical considerations.

    Gulport Real EstateBuying 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.

    Testimonials

    Amanda and Associates helped me every step of the way through the difficult situation of selling my home. We had a difficult time in dealing with the lender and Amanda’s team made it much easier.
    Dean Hoehn