Are you considering purchasing a home sometime soon? If so, there are several things you should avoid when entering the home buying process. Your adherence to the following rules will put the keys to the house in your hands quickly.
First, do not make a major purchase ( car, furniture) before closing, this will damage your debt to income ratio. The bank could easily determine that car payment would hinder your ability to pay your mortgage. Secondly, don’t change jobs. The lenders like to see consistency versus constant job hopping.
Never let emotions guide you. Stay practical and realistic during the home buying process. Sellers might be willing to fix some of the problems with the home and others may not be willing. Don’t let that decision close the door to your dream home. Conversely, you shouldn’t let your loyalty to the home blind you to costly repairs later.
Furthermore, don’t forget to have utilities activated. That seems simple enough, yet many people forget that step entirely. Make sure you secure homeowners insurance. The lender will want proof of coverage before closing.
You should not get too personal with the seller. If you get into personal discussions, you might say something that could be taken the wrong way by the seller. In the end it could change the dynamics of the transaction. Be friendly, but professional.
If the appraisal comes in too low, don’t freak out. There are several solutions to this dilemma. The seller might be willing to adjust the price. The buyer and seller can compromise and negotiate the difference or the appraisal can be disputed.
It is your agents job to keep you updated with the daily details of the deal, including the lender, the seller and the sellers agent. It is also your agents responsiblity to set up a final walk-through prior to closing. This is to verify all repairs are complete.
Lastly, don’t forget to take care of your end of the deal. You must be on the same page as the lender. Provide documents immediately and answer questions in a timely manner. These are the most common mistakes home buyers make. Educate yourself about the process and this will ensure a smoother transaction.
Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home and easy access to view local area homes for sale.