You’ve been saving for a down payment, keeping your credit in good shape, and you’re finally ready to purchase your first home. It’s an exciting time for sure, but be sure not to let the thrill of house hunting lead you to make theses mistakes:
1. Skipping a home inspection.
You’ve made an offer, it’s been accepted, and now you’re in the due diligence period. There will be a few things you can do which are optional during this time, and one of them is a home inspection. DON’T SKIP IT! It doesn’t matter if the home is two years old or 22 years old, getting an inspection by a qualified inspector can help you find issues you won’t see on the surface. It will be an expense you may have to pay up front, but it can possibly save you thousands if an issue is discovered, which you can then negotiate for the seller to fix, or use as part of your rationale for a reduction in price.
2. Making a big purchase before closing.
You found the right house, your offer was accepted, and you’re waiting for the lender and lawyer to wrap things up before closing. It could be a few more weeks, and you start thinking… ‘wouldn’t the living room look better with brand new furniture?’ or ‘we finally have a garage, let’s get a new car to put in it!’. DON’T DO IT! Most loans are approved based on a specific debt-to-income ratio. A purchase which requires financing (cars, furniture) will affect your ratio, and that is something which the lender typically re-checks just before closing. So, even if your debt-to-income ratio was good when you applied, a last minute change could cause your lender to not approve your mortgage at the last minute.
3. Not using a Real Estate Agent.
You can find everything online, so why do you need a real estate agent? First, everything you see online is not true… and that includes listing info. Most websites which list homes for sale are not ‘live-updated’, and some can have info out of date by a few weeks, or even more. Why waste your time looking through listings which may not be available? The Multiple Listing Service (MLS), which Realtors have access to, is the only true, instant access to accurate listing info, updated as soon as any Realtor makes a change to their listing. Besides that, in almost all instances the seller pays the commission of the buyer’s real estate agent, so you are getting the expertise of your agent without paying anything. If I’m your agent, I’ll guide you on details such as not skipping a home inspection, not making big purchases before closing, as well as dozens of other specifics on the home purchase process.
Ready to start the search for your next home? Get in touch with me and let’s get together for a no-obligation consultation.
Richard Slifkin, Broker/Realtor®
Highgarden Real Estate
Real Estate Website: RichardIsMyAgent.com
Serving the Lake Norman and Charlotte, NC Area, including: China Grove, Concord, Cornelius, Davidson, Denver, Huntersville, Landis, Kannapolis, Mooresville, Salisbury, Sherrills Ford and Troutman.