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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: Real estate experts share a message for home buyers as they predict rising home prices through 2025 Fox Business The Folly of China's Real-Estate Boom Was Easy to See, but No One Wanted to Stop It The Wall Street Journal Judge Approves $418 Million Settlement That Will Change Real Estate Commissions - The New York Times reAlpha Tech Corp. Launches Claire, Real Estate's First AI-powered, Zero-Commission Smart Buyer's Agent Yahoo Finance How real estate commission changes could affect buyers and sellers The Washington Post Agencies' headquarters in DC remained 'nearly empty' in 2023, real-estate board finds Federal News Network reAlpha Tech Corp. 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The Wall Street Journal Seattle DJC.com local business news and data - Real Estate - Developer sought for 100-plus Bainbridge Island units Seattle Daily Journal of Commerce Real Estate Property Transfers in Franklin for April 1, 2024 Williamson Source Philly's luxury penthouses; Linden Hill Estate in Gladwyne up for auction The Philadelphia Inquirer Inside Savannah Homes $3.1M Tybee home with panoramic ocean view Savannah Morning News Kevin Owens joins Scottsdale-based Lessen real estate company | Scottsdale Independent Daily Independent Pigford marks 50 years as licensed real estate agent Meridian Star Better Homes and Gardens Real Estate Metro Brokers extends affiliation agreement for 10 years Atlanta Agent magazine Pro boxer Caleb Truax retiring to become Twin Cities real estate agent - Minneapolis / St. Paul Business Journal Minneapolis / St. Paul Business Journal The Highest Paid Execs in Real Estate Mike DelPrete Quebec Real Estate Investor Luc Poirier Looks to South Shore Brossard for Future Growth CoStar Group Who's Who in Residential Real Estate 2024: Berkshire Hathaway agents - Pittsburgh Business Times The Business Journals CoStar Group acquires Matterport for digitalizing real estate GIM International Top Transfers: 65,000 sq. ft. Dublin property sells for $7.85 million The Columbus Dispatch Real estate transfers GoDanRiver.com Massachusetts housing crisis: Greater Boston Real Estate Board campaign slams transfer fees Boston Herald Recent commercial real estate transactions - 4/24/24 BizTimes Milwaukee Manhattan Real Estate Update: "Embrace the Boredom" westsiderag.com Baltimore City: See how much real estate prices increased the week of Dec. 11 - The Baltimore Banner Baltimore City: See how much real estate prices increased the week of Dec. 11 The Baltimore Banner Positive week for Mivne Real Estate (K.D) Ltd (TLV:MVNE) institutional investors who lost 6.9% over the past year Simply Wall St What changes to real estate industry commissions could mean for you | Dollars & Sense ABC10.com KXTV Invest DSM selects real estate firm to manage mixed-use building in Highland Park Local 5 - weareiowa.com How restaurants can tailor real estate strategies to an uncertain market Restaurant Business Online Collierville shopping center sold to Atlanta-based real estate firm - Memphis Business Journal The Business Journals Rockford Is Now America's Top Housing Market After an Improbable Turnaround The Wall Street Journal Big changes coming to commissions in July ABC10.com KXTV Group opposes Old Town Canvas apartment tower Crain's Chicago Business Choice Properties Real Estate Investment Trust Reports Results for the Three Months Ended March 31, 2024 Business Wire Real Estate Sales Include Two Falconer Commercial Properties Jamestown Post Journal Banks Believe They Are Well-Prepared for Commercial Real Estate Fallout The Wall Street Journal Fennemore renews Biltmore lease with smaller footprint amid firm's national expansion - Phoenix Business Journal Phoenix Business Journal INITIA Real Estate Launches the INITIA Academy Yahoo Finance Pod People on KWTX@4: Meet the podcast host of "Mosaic - The Stories of Real Estate." - 4.24.24 KWTX Is The Housing Market Going To Crash? Bankrate.com PEA Group buys ASTI Environmental Crain's Detroit Business Sponsor our real estate and development series Racine County Eye 10 Real Estate Charts Showing What's Next for Housing: Ivy Zelman Business Insider Woman shocked to learn her Hamptons home was fraudulently listed on Airbnb after call to wire $25K New York Post I'm A Real Estate Agent: Here's What Will Happen to the Housing Market If Rent Keeps Rising Yahoo Finance Homebuyers and sellers might spend less following major real-estate settlement - Evanston RoundTable Homebuyers and sellers might spend less following major real-estate settlement Evanston RoundTable A 19th Century Real Estate Covenant has Shaped Brooklyn Heights and Incited Litigation Brooklyn Heights Blog Inside Bill Gates' real estate, from his Seattle to Florida houses Business Insider Real-estate agent's ritzy Hamptons home used in fake Airbnb scam Business Insider 'There's just not enough listings out there': A look at the Milwaukee-area's real estate market WUWM |
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