What happens when 'something you think' and 'something that is' don't agree?
Recently I needed to check what type of financing recent buyers have been using because I've got a listing that will only accept conventional financing. I checked all Hoffman Estates homes that closed over the last 4 months of 2010 and here's what I found:
Not what I thought - Not what I've been told!
I was surprised because a good chunk is 'cash'. Remember the adage 'who's got cash these days'? I guess more people then I thought!
The other point 'I've been told' has been that all buyers are using FHA financing recently because it's just easier, better guidelines, less hassles. Well ok, but the statistics don't show that as true here for Hoffman Estates homes. Another point about going FHA financing has been the down payment issue - most people don't have a large down payment saved up. Well that also seems to be an incorrect perception because most conventional loans now normally want 10% down or more.
Now if you are a seller of a Hoffman Estates home in the lower price ranges below $250,000 I would say you had better get prepared for a buyer going FHA. In fact, prepare for all types of financing including that one buyer that has a 'briefcase full of cash'.
If you are thinking of selling your Hoffman Estates home or purchasing a home in or near Hoffman Estates, please give me a call so we can discuss financing and any other questions you might have.
Village Profile
Gary: We keep getting told everyone is buying FHA and obviously that is not the case.