A Backward Buyer is one who is going at home buying in the reverse manner. They go online to find their “dream” home prior to knowing how much they qualify for. These buyers usually find homes in the city or community that they would love to live in, regardless of qualifying. They consider the bedroom count and kitchen size with more weight than their budget. Although, I love selling homes, I have the task of bringing buyers down to reality. I reel them in, place them on the starting line, help them realize that getting pre-approved for a home loan or mortgage must be Step 1. With the new mortgage guidelines, qualifying is more difficult than ever before. As a Real Estate and Mortgage professional for over 25 years, I have dedicated myself to help consumers understand the importance of their credit scores, knowledge of tax benefits of home ownership and qualifying ratios. No Realtor should be showing property to a buyer until they are sure that the buyer has the ability to purchase a home and know the maximum sales price you should be looking for. Buyers will find and fall in love with a $350,000 home that they qualify for, without looking at $400,000 properties that they don’t.
New lending guidelines are creating additional challenges for home buyers. Be prepared for closings to take seven to fifteen days longer in order to accommodate the new TILA-RESPA Integrated Disclosure, also known as TRID.

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