Jeff’s Carlsbad Blog for First Time Home Buyers


Homebuying Disappointments

Buying a new home is very rewarding – the pride of ownership, and building wealth through real estate (e.g., equity), are two excellent reasons to buy. But there can be disappointments too, especially in this market.

As a first time home buyer, you should at least prepare yourself for the possibility of some of these issues, particularly if you are pursuing short sales, foreclosures and bank-owned properties (which may be most of what you are seeing in your price range).

Read also: Short sales, Foreclosures and Bank-owned Properties

1. The shattered dream – reality hits when you find that you cannot find, nor afford your dream home. And most, if not all, of the distressed properties are in really rough shape

2. Making what you believe to be a good offer and having it rejected. Just because it is a buyer market in many areas does not mean all offers will get accepted.

3. Making an offer on a short sale, foreclosure or REO and having to wait a long time for a response…or getting no response at all. Or getting beat out in the multiple offer bidding.

4. Learning about lots of problems in the home you want to buy during the home inspection – this is pretty common, and if you are buying a distressed home you can be sure there will be deferred maintenance and other issues to deal with.

5. Not qualifying for as much of a loan as you would like, or for a loan that will severely limit what you can buy. The financial realities of home buying can be a big source of frustration, especially with more stringent mortgage requirements, fees (PMI, HOA) and when living in expensive areas like Southern California.

Obviously other disappointments can occur, but these are pretty common, so don’t have unrealistic expectations. Many things can be overcome, and if you are realistic you will be less likely to feel so disappointed when the process does not go how you would like.

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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360
or email me at JDowler@remax.net.

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All content copyright © 2007 Jeff Dowler Carlsbad Homes and Real Estate Tidbits

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