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10 Things You Shouldnt Do When Youre Buying a Home
Home Buying Don'ts Your home buying process is well underway. The sellers accepted your offer to purchase. The home is officially under contract and you're counting down the days to closing. The lender pre-approved you, so buying the house is a sure thing, right? Not quite. Nothing is certain until the keys are in your hands. There are still major hurdles to get past before you close, and your actions between now and closing can create headaches, slowdowns, and even stop the transaction. 1. Don't Make a Major Purchase You've just found out your credit is A+. That's great news, because a new car would look fantastic in the driveway of your new home. But hang on--if you are depending on a mortgage to move in, you'd best wait until after closing to buy the car. An increase in your debt to income ratio reduces the amount of monthly income available for your mortgage payment. If you tack on a higher car payment, the bank might decide you cannot afford the home. Using cash to purchase the car could also create a problem, since banks consider cash reserves when approving your mortgage. If you must make a major purchase before closing, talk to your loan officer before you do it. 2. Don't Change Jobs Unless It's Necessary Home Lenders like to see a consistent job history. They aren't usually as nervous if you change jobs within the same field, but it's better to stay put until the keys to the house are in your hand. 3. Don't Give an Earnest Money Deposit Directly to a For Sale By Owner Seller Your good faith deposit should go into a trust account. Some for sale by owner sellers don't understand that funds are to be applied to your expenses at closing. I've heard many stories about sellers who spent the deposit money prior to closing. When the transactions didn't take place for valid reasons--such as financing or repair issues, the buyers had to fight for a refund. Find an attorney or other neutral party who will hold the deposit for you until closing day and make sure your contract dictates what happens to the funds if the transaction doesn't close. 4. Don't Let Your Emotions Take Over Keep a cool head during the entire home buying process, especially during and after an inspection. Be realistic. No home is perfect, especially older homes. It's not unusual for new owners to take care of some repairs themselves. Don't let the seller's refusal to do a small repair kill the deal on a home you truly love. On the other hand, don't fall so much in love with the house that you'll buy it no matter what needs to be done--unless you're absolutely sure you can handle it emotionally and financially. Decide what type of repairs you can realistically tackle, then stick with the decision. 5. Don't Forget to Switch Utilities That sounds simple, but you'd be surprised how many people forget to apply for utility service at their new home. Call the utility companies as soon as you have a contract. Find out how many days lead time they need to switch the service, then get back with them when you have a firm closing date. Don't forget to discontinue services at your old home. 6. Line Up Your Hazard Insurance A no-brainer, right? But it's another often-forgotten task that buyers scramble to take care of at the last minute. Before closing, your lender will want to see an insurance binder showing you have coverage for the new home. Get it as early as possible so that closing isn't delayed.In some locations, additional types of insurance coverage might be necessary. Talk to your lender about insurance requirements well before the closing date. 7. Don't Become Best Friends with the Seller I'll get some flack on this one. It's great to be friendly, but don't get into too many long discussions with the sellers, because personality conflicts often cloud judgments. Remember, this is their home. You're no doubt excited about moving in, and if you didn't like the house you wouldn't have offered to buy it. But you'll make changes--everyone does. A casual statement about "ripping up that ugly carpet" might be hurtful enough to keep the seller from negotiating with you about repairs or other issues that crop up. 8. Don't Panic if the Appraisal Comes in Low At least not at first. There are some things you (and your agent) can do to correct the problem. Study your options. 9. Don't Go It Alone If you're working with an agent, it's the agent's duty to track many of the day to day details that involve the lender, the seller, or the seller's agent. 10. Don't Ignore Home Lender Requirements Know what is expected of you and take care of it. For instance, a Certificate of Eligibility is required to move forward on a VA loan. That's something you must handle yourself. Answer lender questions and provide required paperwork as quickly as possible--your closing depends on it. Special Loans (http://www.special-loans.com) specialises in providing secured finance where banks will not. If you have credit problems, are fully employed or self-employed, have income issues or employment issues, we have the best solution for you! We provide Non-conforming home loans offering wholesale home loan rates as well as Standard Home Loans, unsecured personal loans, refinance products.
MORE RESOURCES: Experts predicted Minnesota real estate agents would quit, 5 INVESTIGATES found a different reality 5 EYEWITNESS NEWS Cary Grant’s widow has listed the estate they shared for $77.5M — featuring a complete overhaul New York Post Altadena’s rough real estate market: Slower sales, lower prices, lottery winner plucking up properties Los Angeles Times Real estate magazine reports Les Wexner as Blue Heron buyer The Martha's Vineyard Times Real estate expert warns socialist mayoral candidate could trigger massive NYC exodus - Fox Business Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem - Crain's Detroit Business Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem Crain's Detroit Business Office real estate wide open in Denver as vacancy rate hits 36 percent Colorado Public Radio Vail Valley real estate inventory is on the rise VailDaily.com NAR Real Estate Forecast Summit National Association of REALTORS® Let's Talk Business: June residential real estate sales lagging, heritage grants and more Pueblo Chieftain Real Estate Partners Dollar Tree A New Perspective: Here Comes the Groom | Real Estate Insights Piedmont Exedra Boston Real Estate Times Unveils 2025 Excellence Award Winners: Honoring the Visionaries Shaping New England’s Future Boston Real Estate Times State lawmaker joins Westport commercial real estate brokerage as vice president Hartford Business Journal Dawson County weekly real estate transactions, July 18 Central Nebraska Today Private Credit Surges in 2025 as Real Estate Developers Bypass Banks The World Property Journal 5 Essential Tech Tools for Real Estate Agents National Association of REALTORS® Real estate news: Senior apartments in Tustin sell for $83M; Fullerton Metrocenter snares $118M Orange County Register Property management with an owner’s mindset J.P. Morgan Los Angeles Water & Power commits $100 to real estate debt Pensions & Investments New York Housing Market Trends 2025: Is the Tide Turning for Buyers? Norada Real Estate Investments Today’s Mortgage Rates: The States Offering Lowest Rates – July 18, 2025 Norada Real Estate Investments SRS Real Estate Partners Arranges $4.53 Million Ground Lease Sale of Walmart Property in Deltona, FL citybiz Corcoran McEnearney Announces Evan Lacopo to Lead the Number One Real Estate Office in Alexandria, Virginia Alexandria Living Magazine Real Estate Market Report (June) highlandscurrent.org Banner Real Estate Group Breaks Ground on 334-Unit The Faywell Multifamily Development in The Heart MultifamilyBiz Licking County real estate transfers for June 30-July 4 range from $200,000-$14.6 million The Newark Advocate CBRE Announces Strategic Leadership Appointments Across U.S. & Canada Advisory Business Boston Real Estate Times Bridgemarq Real Estate Services® Declares Dividend Yahoo Finance Moon Becomes Next Real Estate Frontier, NAR Reports Higher Foreign Investment In US Huntsville Business Journal Gravelle advises on current real estate market in Grant County Columbia Basin Herald Bard College hires real estate advisor and broker to sell Simon’s Rock campus - The Berkshire Edge GenesisM Breaks Ground on 154,000-Square-Foot Biomanufacturing Facility in Bedford, MA Boston Real Estate Times AGC MA Announces 5th Annual Building Advancement Externship to Bridge Educators with STEM Construction Careers Boston Real Estate Times Mapletree Sells Sun Belt Warehouse Portfolio to EQT Real Estate for $241M Commercial Observer What's the most expensive property sold in Rhode Island? July 18 real estate transactions The Providence Journal The Pipeline: Commercial real estate roundup for 7.18.25 Richmond BizSense Operation Pawssible: Greenbrier Humane Society gets a boost from local real estate company Mountain Messenger Home Buyers: Stop Freaking Out After the Home Inspection National Association of REALTORS® Miami-Dade’s self-storage surge a boom for real estate IslanderNews.com SRS Real Estate Negotiates $4.5 Million Sale of Walmart-Anchored Property in Metro Orlando Shopping Center Business Home Buyers May Have Accepted a New Norm on Rates National Association of REALTORS® Tips on spotting real estate investment opportunities and avoiding risks, from experts at GR Property Group Community Impact Stage Point Europe Launches Its RWA Token $SPET, Setting it up as a Bridge Between Crypto and Real Estate Morningstar New plans unveiled for Water Street’s second phase Tampa Bay Times LOCAL REAL ESTATE TODAY 7.18.25 KQEN News Radio Hunt Companies Acquires Controlling Interest in Carter, Strengthening Real Estate Development Platform Business Wire July Economist Snapshot: What Will the Big Beautiful Bill Mean for Commercial Real Estate and Housing? Urban Land Magazine Wood County Recorder reports on second quarter real estate activity BG Independent News Vend Leans Into Verticalisation As Real Estate Revenue Grows 11% In Q2 onlinemarketplaces.com Canadian psychologist Jordan Peterson sets up shop in the Valley, records show The Business Journals Is Apollo Commercial Real Estate Finance Inc. a good long term investment - Explosive market performance Jammu Links News Real estate sales in Jefferson, Bullitt and Oldham counties for Jan. 2-5, 2025 - The Courier-Journal Real estate sales in Jefferson, Bullitt and Oldham counties for Jan. 2-5, 2025 The Courier-Journal Choice Properties Real Estate Investment Trust 2025 Q2 - Results - Earnings Call Presentation (OTCMKTS:PPRQF) Seeking Alpha Manitowoc's real estate transfers include a sale of nearly $1 million to Riverside Dairy Herald Times Reporter Real estate transfers: Lake Township condominium complex sells for $5.61 million - Canton Repository CCI Real Estate Obtains $67M in Construction Financing for Mixed-Use Community at University of Georgia REBusinessOnline Youth Real Estate Academy in Flint abc12.com Stonelake Capital sells dozens of industrial buildings across US for $920 million The Business Journals Real estate office transforms into collection center for donations being transported to Kerr County kens5.com |
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