- Don’t Try to Buy a House Without an Agent
Would you try to fly a plane without a pilot? No, of course not. An agent is the same level of professional you need to guide you through this process. Years of experience can not be substituted for a Google search.
2. Meeting Only One Lender
Shopping for a loan is like shopping for anything else- a cellphone, a car, except this is such a major life choice. Don’t assume that all lenders are the same. I can refer to you lenders that I have worked with that offer excellent loans, and superior service on my referral list.
3. Don’t Make a Major Purchase Before Closing
Avoid maxing out your credit card or applying for a new one before you close on your house. Remember, pre-qualification, pre-approval, and underwriting all need to be completed before you close on the purchase of your new house. Any major changes will change your credit score, and therefore could potentially change your loan.
4. Holding Out for the Perfect Everything Dream House
Creating a list of your qualifications can ground you in reality, and get you out of the reality shows which showcase Perfect Dream Houses. Know what is reasonable, and what isn’t. This market moves faster than fast, so holding out will only result in regret.
5. Be Honest About Your Budget
Don’t underestimate your actual budget. Many people think their agent will push them to buy at the top, or even over, their stated budget, which is simply not true. Be honest with your agent, or you could miss out on a great house. It’s my job to find the best house for you, no matter if your budget is $80,000 or $800,000.
6. Don’t Make a Rude Lowball Offer
We all like saving money, but making a ridiculously low offer on a house you actually want to buy could immediately cut you out of the running. Know the fair market value, and trust your agent. Making an offer that’s too low will only insult the seller, and they won’t take you seriously as a buyer.
7. Save For Closing Costs
Budget the closing costs into the purchase of your new home even before you start looking. It’s always a good idea to start saving early, so you aren’t caught unprepared at he closing table. Although closing costs can sometimes be worked into the negotiation process, don’t count on it. Your agent will advise you on how much to expect to pay.