Hello realtors, here we are moving into the summer months, despite what the weather might be telling us. And I wanted to touch base on a couple of things, both around rates and timing.
In regards to rates, make sure you double check your buyers max purchase price. Because when a buyer is pre approved, even though we talk about it, like they’re pre approved for a purchase price, in reality, they’re pre approved for a payment. So if the rate has gone from 5% to 6%, since their pre approval, then the amount that they can qualify for is probably going down. Now, it might be that their pre approval number is more about what they’re comfortable with. And then that’s a conversation with the buyer about are they now comfortable with the new payment, but if indeed they were maxing out their debt to income ratio, then it’s really important that you get an updated number from me or your loan officer to confirm that that purchase price that you’re looking in is still realistic.
The second quick tip is around confirming around vacation, the summer vacations, vacation calendars because we want to make sure that the buyer is going to be in town to sign disclosures and upload updated documents as well as everybody on title to sign those documents at closing. So summer vacations, Max purchase price, double check. Have a great one.