Vahe Hayrapetian: Home Loans Affect Sellers as Well as Buyers
With lender requirements becoming more difficult, the ability to receive an optimal home loan has not only raised certain concerns among buyers, but among sellers as well. Home loan professional Vahe Hayrapetian discusses this relationship.
PHILADELPHIA, PA, February 27, 2013
When it comes to buying a home, home loan specialist Vahe Hayrapetian explains that prospective owners want to obtain the best value and achieve a mortgage that is fair to their financial needs. However, Hayrapetian indicates that home loans are not just important to buyers but also raise certain considerations for sellers. While sellers may want to achieve the easiest and lucrative transaction possible, a recent article from FOX News reveals that it is imperative for these parties to consider the viability of a potential buyer's financing approach.According to the article, sellers must research and weigh all the benefits of a particular lending situation, and figure out how it will impact the final amount they receive for the transaction. While some may be more secure, others may prove more profitable in the end; this means that sellers often have to consider risks before accepting offers. Vahe Hayrapetian adds, "When it comes to the home loan process, many are focused on how these financing options apply to the prospective buyer. However, it is essential to remember that home transactions involve several parties--it is the reason why there is so much paperwork, applications and parties involved in the process. If sellers want to make the most out of this process, they must too become involved."
FOX News indicates that one of the most popular options for sellers are rare, but secure cash-only purchases. These exchanges allow the seller to acquire the funds almost immediately and not have to worry about layers of decisions from the buyer's lenders. However, cash-only purchases are typically sought out by those who are buying the property as an investment; with no desire to reside in the house, many cash-only buyers will expect to get a discount for paying upfront--often decreasing the profitability of the transaction for the seller.
The article also focuses on the stipulations behind home loans. While some may seem secure, others may seem more intensive, such as VA or FHA loans. Many times, sellers are reported to stay clear of accepting these offers, as they can require the seller to repair all noted damages before closing; despite the government backing of the loans, maintenance costs can add up if the house has several issues.
According to Vahe Hayrapetian, it is usually most sensible to accept an offer from a credible buyer that has achieved a home loan that carries sensible terms and reliability. "While there are many types of home loans out there, those who are seeking loans from a private lender must make sure to get a prequalification letter. This documentation will provide the seller with greater confidence that the loan will be viable at closing," Vahe Hayrapetian concludes.
ABOUT:
Vahe Hayrapetian is a sales professional with an impressive career history, focused primarily on financial services and home loan companies. Presently, Hayrapetian is the Sales Manager of Skyline Home Loans, based in Glendale, California; previous positions include management roles at Bank of America, GMAC Mortgage, and more. Outside the office, Mr. Hayrapetian is an enthusiastic supporter of FCN, a non-profit organization that seeks to enrich the lives of poor Armenian children.
Website: http://vahehayrapetian.net