Jeff’s Carlsbad Blog for First Time Home Buyers


Buyers – You Have Hoops to Jump Through

Making the decision to buy a home, starting to search, and getting to the closing table means you have a few hoops to jump through. Remember this – There is always the possibility of a glitch somewhere along the way. Unfortunately, no matter how smoothly a transaction may be going, you never know when something can come along and burst the bubble – you know, Murphy’s Law?

Be prepared for this. While it might not happen, chances are it will, so being prepared mentally will help keep you sane when things don’t go as planned.

Here are some hoops (to read the detailed post, visit my blog, “What’s Up Doc?” on ActiveRain):

  • Pre-approval – it’s in your best interest to do this right away so you can be in control. Knowledge is power.
  • Finding the “right” agent to help you – Get a referral if you can, but make sure you work with someone you trust, who provides YOU with the information you need, and who clearly has YOUR interests at heart.
  • Offer – Get the info you need to make an informed decision. Again, knowledge is power.  Know your limits (your budget). Be prepared to negotiate, and expect that you will get a counteroffer. Make sure you understand the terms and conditions of the contract before you sign – your agent is the expert.
  • Home Inspection – a prudent thing to do – not mandatory, but you want to know what you are buying (no home is perfect). If you request repairs but can’t reach agreement with the seller, you can decide to walk away. But understand under what conditions you can do this so your deposit is not at risk.
  • Contingency Period – you will likely have documents to review and approve as part of the transaction.  Keep ALL due dates in mind. Retain copies of everything you review and sign.
  • Loan Commitment – you must obtain a loan commitment from the bank, based on the appraisal and the full financial file (unless you are buying for cash). Understand all the requirements of your lender. Make sure the process moves along and you can meet the deadline.
  • Final Walk-through – this is your opportunity before closing to check on the home and make sure it is as it was when you made the offer.
  • Closing – Read everything carefully and make sure all the information is correct (loan rate, payments, fees; title and other documents; names; is everyone on the deed who should be?; dates; money (especially the math); social security numbers, etc.)

Keep in mind your agent is there to assist YOU. And remember – there are no dumb questions.

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