If you are trying to qualify for one of the many mortgage home loans out there. And looking to buy a home whether it be in the Tampa real estate market or not but still on the fence. Here are few things to think about whether you should buy a home now or not as well as a few tips..

Since 2007, it has been an interesting last few years to say the least. Housing values have plumetted ever since the bubble in the real estate market popped.Has made some unique things happen. Such as the simultaneous drop in real estate prices and interest rates has never occurred before in American real estate history.So here are few tips that you should remember while in the market shopping for a home.

 

1)      You Are Not The Only Buyer

Even though there are less and less people that can actually qualify for a home due to new lending standards tightening up.  Homes that do hit the market and priced right will have multiple offers especially when they are at a discount.The mentality of trying to low ball the price even when it is a truly good price will only result in someone else’s offer getting accepted over yours.If the house you want has a good price, you can expect it to have multiple offers so you would have to be aggressive to get it.A tactic commonly used my many banks are usin is gettic attention and a ton of eyeballs by underpricing homes and when the excited buyers flock to those home, they usually sell for a lot more than the listed price.

 

2)      Its Not That Easy To Get A Loan Anymore.

You will find that things are very different now if you have not bought a home or refinanced a home loan in the past several years.The last thing you would want is to get wrong information from friends and family who last got a loan before 07 about how and what loan they were able to get.Now you actually need to prove that you can afford the home and this is an example for the tremendous change that has taken place in the past few years.The bank will verify your income by requesting transcripts from the IRS to match what you submit to the bank with what you report to the IRS.You will also be questioned on any changes or credit charges in order to make sure that you are not taking on any new debt.Or debt that may have been overlooked in your credit report.Even if you have already submited all your information, the bank may ask you the resubmit it later.

3)      Be Patient

If you are trying to get one of the nicest homes that happen to be one of the best deals on the market.YOU HAVE COMPETITION and tons of it which means that your offer may not be acepted the first time so you have to be patient and it many take several offers and even a few months to get you into a home.

4)      Be Prepared For The Appraisal

Appraisals in today’s market are not as aggressive as they once were that means that many times the appraised value comes in lower than the agreed price.For this two things must happen.Either you the buyer have to bring in more money to the table ot the price is reduced to the appraised value.Which can be really tough for many buyers if you are considering $1,000.00’s of dollars. The reality is that most banks are aware that some can be stubborn. You may have to leave the house you wanted as the may not want to lower the price. Even if the bank eventually lowers the price it will not benefit you but only the next buyer.

 

5)      Buying A Short Sale.

Currently, a lot of homes on the market and in many other markets end up as either foreclosures or short sales. This holds very true for the majority of homes in Tampa that are for sale. There are a few regular transactions but in the higher end range of homes for sale.But always remember that dealing with a short sale can take months.The bank holding the mortgage has to approve the short sale process even before it can happen.The seller of the home cannot do anything until the bank agrees to the short sale though he is the current home owner who wishes to sell the home to you.You would require a lot of patience to enter the short sale process and the awareness that it could take months to close the transaction.Some agents steer their clients away from short sales because they take longer to close and hence it would take longer for them to get paid.Not to mention that some clients cannot wait as long as it takes for a short sale to close.  But some short sales can take as little as a month but others can take as long as a year.But sometimes the situation could end up that there would be no competion for that home which would be EXACTLY WHAT YOU WERE LOOKING FOR. The length of time it takes for a short sale is not in the control of you, your agent or your homeowner. Sometimes it does not matter who the bank is.

Reality is real estate prices are at current lows and with interest rates at record lows. Why would you not want to try buying a home.