Buying a home should be a crime unless the buyers have 6 month reserves! This is specially important if they are putting a low down payment. The worse way to steal someones dream is to make them buy something under artificial assurance of affordability and then take it away from them when they cant afford it. Here is why reserves are critical! 1. For unexpected things that may break. A furnace, appliances, plumbing, etc etc. If they dont have the money, we have put them in jeopardy! 2. For unexpected temporary job loss or illness that reduces the income! 3. For a downturn in the market, which it definitely will at some point. When the funds are tight, it is easy to stop paying mortgage, knowing that the equity is gone anyhow! No vested interest! Making it harder to buy is good for them! Let us not be fooled under the disguise of any other way! Not good for our profession we know, and the good news/bad news is that no one is listening to us anyhow! Bottom line advise to buyers - Buy your home with your finances in mind! Do not overstretch! On Track Realty is licensed real estate broker in NJ where we put the needs of our clients first, commission second! For your buying needs, call us at 732.494.2211. www,ontrackrealty
Posted on: Thu, 08 Jan 2015 20:48:17 +0000
Trending Topics
Recently Viewed Topics
© 2015