House Selling Secrets: Buyer Finance Types

Now that you're receiving offers you need to understand the various terms of a contract to negotiate the best deal for YOU! First, let's start with understanding buyer finance types.

Financing types: understanding and navigating different offers
➡️ The highest price isn’t always the best

Two questions to ask: 1) Do you need to sell quickly? 2) How damaging is it if the deal falls through?
✔️ FHA
1) Higher risk, 2) Tends to close 35-45 days, 3) Requires house to be safe and all major systems in good condition (chipped paint, screens on doors, cracked driveways)
✔️ VA
1) Longer period 45-60 days, 2) Not necessarily a problem getting approved
✔️ MSHDA
1) Takes longer, a second set of approval
✔️ Conventional
1) Usually 30 days, 2) Higher likelihood of approval\
✔️ Cash
1) No underwriter, 2) No appraisal, 3) Quick sale

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If you or someone you know in Southeast Michigan need to buy or sell let's connect!
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➡️ Website: paulnichols.worthclark.com
➡️Email: [email protected]

If you're thinking of beginning a career in real estate 🏠 and are in the Southeast Michigan area, lets' talk! Contact me at my email above to set up a time to discuss how I can help you get started and reaching your financial goals.

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