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Buying and Selling Del Mar Real Estate
Qualifying the Buyer for your Del Mar Property
Either you or your agent will want to weed out potential buyers who cannot afford to purchase your Del Mar home. Items to investigate include the buyer’s debt and credit history, current income and employment, the availability of cash for a down payment, the time the buyer needs before closing on the home and the buyer’s level of interest in your home as compared to other properties.
Shopping for Your Del Mar Real Estate Loan
Del Mar Real Estate Loans have become part of a worldwide mortgage market and mortgage lending is impersonal and competitive. When you shop for the best loan don’t pay too much attention to who is originating the loan. Instead focus on interest rate, points, processing costs and whether you want a fixed rate or an adjustable rate loan. The reason for this is that more than likely, your Del Mar real estate loan will be sold to one of the organizations made up of what is known as The Secondary Market.
Del Mar. How Much Should You Offer?
Or more precisely, what does the seller owe on the property. If a seller owes $400,000 on the Del Mar real estate he or she is not likely to welcome an offer for $350,000. If you want to negotiate price, make sure you don’t waste your time negotiating where there is no room to budge.
Even if the loan is high, if the seller is in default there is a possibility of a short sale as many lenders will reduce the loan balance in order to move the property. Most lenders do not want to foreclose and manage homes and the Del Mar market is no exception.
Building Del Mar Home Equity
As a Del Mar homeowner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in Del Mar home equity, you gain $3,600.00.
The only factor being considered here is Home Equity. In individual cases it may be wiser to invest than to pre-pay your home loan. It also may be wiser to pay off high-interest, non-deductible loans before considering your Del Mar home equity building options. Your financial advisor is the one to consult for these matters. If you would like up-to-the-minute information about Del Mar home appreciation values in your area, please call or E-mail me today.
Del Mar BARGAINS
A bargain exists in the mind of a buyer when entering into an agreement to exchange goods when the buyer thinks the price is favorable. Bargains can always be found in the Del Mar market if a buyer is patient and willing to wait for a truly motivated seller. In economic downturns many people believe that foreclosures and short sales are automatically bargains when, in fact, this may not be the case.
Del Mar DEDUCTIONS
One of the advantages of home ownership is that while most other types of interest are not tax deductible, the interest you pay on your Del Mar loan is deductible on your Federal and State income tax. This fact alone gives homeowners a distinct advantage over renters.
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