Brenda Maggy's Blog
82 Fremont Road, Epping, NH 03042
If a seller is motivated and your offer is the only one that comes in on a home for sale, you may have an easy time getting the home of your dreams. If there are multiple offers on a property, it’s a different story.
If there’s competition, it’s simple math that your odds in favor of you getting the home are reduced. You need something that will grab the seller’s attention. Writing an offer letter can be just what you need to sway the decision in your direction. Even if your offer is less than what other people have put on the table, an offer letter is a perfect way to get the attention of the seller.
What To Include
You may wonder what you should include in an offer letter. You’re charming the sellers in a way, but also giving them an opportunity to get to know you. If someone has lived in a home that they have loved for a long time, they’ll be happier knowing the next occupants will be just as happy living on the property.
What Do You Like About The Property?
You should include a lot of positive things involving the property and your ability to care for and maintain it. Tell the seller about the features you most love about the house. You should let the seller know that they hard work they have done over the years has paid off and you appreciate it. Do you like the skylights? Does a remodeled kitchen get your attention? Is the deck a great feature for you to entertain on? Let the seller know any and everything that enticed you to put an offer on the property in the first place.
Share Some Of Your Life
You don’t have to get overly personal or mushy, but you should include a bit about yourself and why you chose this property among the many you have seen. Maybe you grew up in the neighborhood. Maybe the home is perfect for your expanding family. Whatever the reason is for you to want this particular house you need to let the seller know.
In addition to personal details, you can include a pre-qualification letter, demonstrating your ability to afford the home. This helps sellers to feel comfortable with your financial background and continued upkeep of the property.
What Not To Include
While your plans for a property may be grandiose in your mind, don’t tell a seller what you plan to do with the proeprty in your offer letter. It’s nice that you want to update the kitchen, or re-do the bathrooms. It’s an insult of sorts to the seller so just omit these items. Keep your offer letter positive and brief and you may be well on your way to securing the property of your dreams.
9 Orchard Street, Franklin, NH 03235
Being a first-time home buyer is tough. It can seem like you have undertaken one of the most overwhelming processes ever. There’s so much to learn in the process of securing a mortgage and closing on a home. If you go into buying a home prepared with knowledge, it will be that much easier for you.
There’s a lot of terminology to learn about the home buying process. You’ll need to know who should be involved with the transaction including agents, lawyers and bankers. You’ll need to be prepared for the fees involved in buying a home as well. There are many different programs available to help first-time homebuyers that can help you save money and secure your first home. Here’s just some of those programs:
This is the Federal Housing Administration and it’s a very popular go-to for first-time home buyers. It’s also great for people who have tarnished credit history. As a borrower with FHA backing, you can qualify for a loan with as little as 3.5% down. These FHA loans have an additional cost built into them which is mortgage insurance. In case you default on the loan, this protects the lender.
The Department Of Veteran’s Affairs
This resource helps veterans, service members and their surviving spouses to buy homes. Often, this program requires no down payment or mortgage insurance. The problem is that getting these kinds of loans can take awhile to process, so you can’t be in a big hurry to buy a home.
Good Neighbor Next Door
This program is meant for teachers, law enforcement, firefighters and emergency medical responders, which is why it’s called the “Good Neighbor” initiative. This is a program sponsored as part of the Department of Housing and Urban Development. It allows 50% discounts of the price of homes in places considered revitalization areas. All you need to do is be in one of the said professions and commit to living on the property for at least 3 years. The catch is that these homes are listed for just 7 days on the Good Neighbor Next Door website.
Fannie Mae and Freddie Mac
These are government-sanctioned companies that work with local lenders to offer good mortgage options for first-time home buyers such as 3% down payment options.
The U.S Department of Agriculture has its own homebuyers’ assistance program. The benefits are for people who live in rural areas and allows 100% financing by offering lenders mortgage guarantees in return. There are income limitations that can vary by region.
Assistance Isn’t Hard To Find
As you can see, there are many programs available to help first-time homebuyers. From downpayment assistance to ways that you can keep your mortgage payments low, you can find some help if you need it. You may feel that purchasing a home is something that’s far in the future the future, but with federal programs, more people can realize their dreams of home ownership.