Over the last couple of weeks, our office has received several questions from our buyer clients. This blog is a compilation of their question and our response.
Q1: Is know a good time to buy a property?
A1: Anytime is a good time provided to procure a property as long one plan to hold the property for at least five years, have the financial strength and job security.
Q2: Would I get a great deal if I decide to buy it now?
A2: No, there is a reduced number of buyers and an equivalently reduced number of sellers (inventory); This market balance keeps the prices steady.
Q3: Aren’t the interest lower?
A3: Yes, but most lenders have increased the qualification criteria to approve the loan. Expect a longer time for loan approval. (See Chase Bank)
Q4: I am under contract to buy a PREOWNED home, but with my job situation, I cannot afford the house. Can I cancel my contract and get my deposit back?
A4: It depends on how your real estate agent has written the contract. If the contract is under the option period, yes, you can cancel and get your deposit refunded. Also, you might be able to cancel the contract if your loan is not approved and get your deposit refunded; Check with your real estate agent.
Q5: I am under contract to buy a NEW home, but with my job situation, I cannot afford the house. Can I cancel my contract and get my deposit back?
A5: For newer homes, it might be harder as new home builders do not provide provisions to cancel unless your real estate agent has negotiated those terms. Check with your real estate agent.
Q6: Given the lockdown, can I view properties?
A6: Yes, real estate has been deemed essential services in the State of Texas. That told agents and sellers are following COVID-19 showing guidelines to schedule and tour properties.
If you are in the market to buy or sell, contact Poogle (972)4087402, an experienced and knowledgeable REALTOR(R).