There are several things that need to be avoided when purchasing a home. If you aren’t careful to avoid these common mistakes, it’s quite possible your closing could be delayed or even canceled. Following these rules will put the keys to the house in your hands with no trouble at all.
No Major Purchases
Don’t damage your debt to income ratio by making a major purchase before closing. If you decide you can’t live without that brand new Porsche, you might have to put owning a home on the back burner. The bank could easily determine that your expensive car payment would hinder your ability to pay your mortgage. Wait until after you close on the house to do some spending.
Don’t Change Jobs
Don’t change jobs if you don’t have to; lenders like to see consistency, not constant job hopping. If you are miserable with your current position, consider switching to a different job within the same field or tough it out until you close on your home and then start putting out resumes.
Leave Your Emotions At The Door
Never let your emotions guide you; stay practical and realistic during the home buying process. Some sellers are willing to fix problems with the home and others may refuse; don’t let that refusal close the door on your dream home. In addition, don’t let your love of a home blind you to costly repairs down the road; you don’t want a money pit further down the road.
Keep The Relationship All Business
You don’t want to get too personal with the seller of your future home. After all, this is a business transaction, so it should be treated as such. If you get into too many personal discussions, you might say something that could be taken the wrong way by the seller. You might have been joking about the ugly shag carpet in the guest bedroom, but the seller might have taken that as offensive. In the end, it could affect the outcome of the sale; you should be friendly, but professional.
Trust Your Real Estate Agent
Your real estate agent is there to help you through the entire process. It’s their job to keep up with the daily details of the deal, including the lender, the seller, and the seller’s agent. Don’t try to do it all by yourself; your agent is trained to handle these tough situations and will make sure you get the best possible deal.
Keeping the lines of communication open and avoiding these common mistakes will ensure the transaction runs smoothly and you get the new home you’ve been dreaming of.
