Episode 1 - Buying a House

After 16 years running one of the most successful real estate shows on-air and online, Stephen launches a brand new show! Real Estate this Week with Stephen Gasque examines “Buying a House!” A program filled with information about how get the keys to your very own home! We'll discuss how to get ready, how to come up with all the money you'll need, and how to win, if other buyers want the same house! Our expert guest is Mabel Guzman, one of the top real estate agents in Chicago! Real Estate this Week with Stephen Gasque: The best real estate strategies out there - just for you!

 

 

 

 

Episode Transcript

(00:00):
Hi again! I'm Stephen Gasque, and it's been a while - But hey - I'm back! For you! To help you nail it - no matter what kind of real estate you want to do!

(00:01):
Just the best real estate guests, and me, and you!
Today we'll take buying a home to a brand new level - and talk tactics, techniques andstrategies....designed to help you win! And our guest is quite a winner herself..... Joining us now is Mabel Guzman, with Coldwell-Banker Hyde Park in Chicago. The past President of the Chicago Realtors, and the recipient of the Illinois Realtors highest honor - its distinguished service award.
Mabel! Welcome to the show!
Page 2. Mabel Guzman - Interview
Page 3. Mabel Guzman - Tag
Mabel Guzman, with Coldwell-Banker Hyde Park in Chicago. The past President of the ChicagoRealtors, and the recipient of the Illinois Realtors highest honor - its distinguished service award.

Page B: (Guitar Segue) (00:07):
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Page 4 Beyond the Basics - Fully Underwritten
And now it's time for a special segment here on Real Estate This Week, "Beyond the Basics!" Inwhich we take your real estate knowledge to the next level. And today, it's about going beyond - a normal pre-approval for your mortgage. Way beyond!
If you want to buy a home of your own, you probably know that step one is to get pre-approvedfor the mortgage. That shows the seller that you can do the deal! Without it, most sellers won't even look at your offer.
And you've probably heard that pre-approval is the way to go. Because the other option, calledpre-qualification isn't that good.
Why? Because pre-qualification is just based on a phone call. Whatever you tell the lender,that's what they plug in to their computer, and come away with a pre-qualification. It's only as good as what you tell them. It's kind of like going online and plugging your numbers into a mortgage calculator...it gives you a ballpark about how much house you can buy, but it doesn't really mean anything.
A pre-approval, however, is based on actual data. For a pre-approval, you deliver all yourfinancial information to the lender - in writing. Tax returns, pay stubs, bank statements, investment statements, and more. Real information. And because you're providing actual data, they can give you an actual pre-approval. So a pre-approval is much much better than a pre- qualification.
But did you know that there's another level? A level that's even higher than pre-approval? Wellthere is! and it's called fully underwritten.
If you get fully underwritten, you go through the same process as a pre-approval. But there'sanother step! Because after you provide the lender all the information they need to qualify you for a loan, do the entire underwriting process, and basically, finish the whole mortgage! Before you even find a house! And, that's the only thing left - the appraisal on the home you choose. But that's it. Other than that, you're done!
It's a hardball strategy, Because it's the only kind of mortgage approval that makes you just aspowerful as an all-cash offer!
Now not every lender will do a fully underwritten mortgage ahead of time. But plenty of themdo. So. Talk to your agent about which lenders will do a fully underwritten approval.
Do that? And you might get the edge you need, to win against multiple offers, or even in abidding war!
And of course, winning means, you get the house you love.
(Closing Guitar)
Page 5. Tease to Next Week's Show & Show Close
As we continue our special reports on buying a home, next time? We'll begin a deep dive into"Coming up with the Cash!" All about getting the down payment, and the closing costs, AND still have money left over in the bank! We'll explain in 'Coming up with the Cash,' next time on Real Estate This Week. I hope you can join us for that show, and every show! And until then, I'm Stephen Gasque....and thank you for listening!