In part one of this two-part blog series, we went over some of the important factors that may come up if you are negotiating during a homebuying or mortgage situation. There are a few areas of negotiation that may take place, most between the buyer and seller of a home, and being prepared for these is important as you enter the home market.
At VIP Mortgage Inc, we’re here to help with numerous areas of negotiation during the home acquisition phase in Phoenix, plus with numerous other areas related to our home loans and fantastic mortgage rates. While part one of our series went over some general areas to be prepared for when it comes to negotiations, today’s part two will dig into the role of both your realtor and your loan officer, plus the basic timeline for how these negotiations will go.
Your realtor will be one of your most important assets during any negotiations. They will receive offers or counter-offers on your behalf, plus send the same items to sellers or anyone else you deal with during the process.
Some of the details your realtor will help you include in your offer to begin the negotiation phase:
A loan officer also plays a role in negotiations, primarily for the second bullet point we went over above. “Ready, willing and able” is a phrase that, in part, contains your purchasing power – which means getting pre-approved through a loan officer. Your loan officer will provide you with an offer letter that confirms you’ve been pre-approved at the requisite fund level to make the offer you’re making.
Generally speaking, you will consult with your realtor to put together your offer on a home. If a seller is interested in your offer but wants to tweak it, they can respond with counter-offers – and the timetables here are often pretty limited. Communication is vital, and you need an agent who will be able to work with both parties and understand what’s being asked of you at all times. Missing deadlines is the quickest way to torpedo a sale.
For more on how negotiations work within a home sale, or to learn about any of our Phoenix mortgage rates or services, speak to the staff at VIP Mortgage Inc. today.