3 Tips That May Save You Money Before You Close
- Compare lenders and let them compete - Many people use their current banking institution without checking out the competition. Even those who shop around for the best interest rate often don’t take the next step for more savings. Take that best deal back to the previous best deal and ask them to beat it. On my last home purchase, I went 3 rounds of better deals pitting a local lender against Rocket Mortgage. Who wins in this game? THE BUYER!!
- Home Inspection - Home inspections are optional and take money out of the buyer’s pocket but the advantages outweigh the cost. A trained, certified inspector will discover issues that you and I will miss. Finding a serious problem during the due diligence period will save you from buying a property with problems that will continue to cost you well beyond closing. If you decide to continue with the purchase, you have the opportunity to move identified repair costs to the seller. Finally, the inspector’s report can be a negotiation tool to further lower the sell price.
- What’s important to the seller? Believe it or not, the highest bidder is not always the winner when a seller evaluates multiple offers. Sure the seller has a bottom line but once that is reached risk may become the big factor. For example, a cash offer poises much less risk of the deal failing since there is no lender involved.
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