Sometimes, your funds for purchasing must be in your account for at least 60 days before you can use them.
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Looking to sell your Sedona-Verde Valley home? Contact Me for a Home Value ReportWhen it comes to buying a house this summer, I want you to be prepared, and there are three things in particular that you need to keep an eye on that could impact your purchase.
The first is interest rates. If you’re pre-approved by your lender right now for—say—$250,000, a 0.25% rise in interest rates could impact your ability to purchase by $25,000 to $35,000. So, keep in contact with your lender. If you haven’t been pre-qualified yet and you’d like to get a loan, just let me know and I’ll put you in touch with a great local lender.
The second thing I want you to be prepared for is working with your home inspector. Many of our best inspectors are booked as far as nine or 10 days out so that 10-day inspection period in Arizona won’t cut it in rural areas, and you’ll definitely want to increase your inspection time. If you ask for an inspection (which I always recommend), make sure you ask for a longer lead time. It also wouldn’t hurt to know your preferred home inspector’s schedule.
Sometimes, your funds for purchasing must be in your account for at least 60 days before you can use them.Lastly, if you’re getting funds—either in the form of a gift, bonus, or anything like that—sometimes those funds must be seasoned if you’re going to use them for the purchase. This means they must be in your account for a minimum of 60 days. If they’re not in your account for at least 60 days, they may not qualify if you plan on using them to get your loan.
I’m actually working with some buyers right now who’ve found the home they want, but their funds aren’t seasoned. As a result, we can’t close on the house until June, which won’t work for them. It’ll also cost them more money for their interest lock extension.
If you have any other questions about buying a home this summer or you’re thinking of selling a home in our market, don’t hesitate to reach out to me. I’d be glad to help in any way I can.