| It is easy to make some really huge home | | | | |
| buying mistakes that are not easily fixed | | | | If your loan contingency has expired or been |
| before closing. Sometimes these mistakes can | | | | removed, there is a possibility that you |
| haunt you for several years or even ruin your | | | | could even lose your earnest money as well as |
| dreams of home ownership before the deal is | | | | losing the home. |
| closed. | | | | |
| | | | Wait until the closing is completed before |
| Not Confiding in Your Financial Advisor | | | | you make any major purchases. The temptation |
| | | | to buy new appliances or new furniture will |
| Your advisor could be your real-estate | | | | have to be put on hold for a few days or |
| attorney or your real estate agent. Buyers | | | | weeks. Once the deal goes through, then go |
| will withhold vital information for a variety | | | | shopping. |
| of reasons from worrying about how they will | | | | |
| be perceived to thinking they have all the | | | | Buying the Wrong House |
| answers to simply not trusting their | | | | |
| financial advisor. | | | | If you are a first time home buyer, then make |
| | | | a list of priorities you must have for your |
| Real estate professionals handle so many | | | | new home. Figure out what are the deal |
| different types of transactions and | | | | breakers and what you can live without. The |
| personalities, that it is likely they have | | | | deal breakers are things you refuse to |
| already heard everything. You will not | | | | compromise on. This list may include the |
| surprise them with any of your problems or | | | | number of bedrooms, a garage, large back yard |
| concerns. Your advisors are representing your | | | | or water-front property. |
| best interest and they cannot do that if you | | | | Things-you-can-live-without is a list of |
| don't tell them everything they need to know. | | | | things you would like to have, but if they |
| Also, your advisor has more experience with | | | | aren't included in your new home, you will |
| dealing with problems and will have much | | | | not be terribly upset. For example, you would |
| better answers than you can ever come up with | | | | like to live in a cul-de-sac, have a tree |
| on your own. | | | | large enough for a swing in your yard, or |
| | | | have French doors leading out to the patio, |
| If you are feeling scared or feel you have to | | | | but if the house you find doesn't have one or |
| back out of the deal, tell your advisor your | | | | more of these, you will still be happy living |
| concerns and listen to their advice. A | | | | there. |
| professional can help you determine if you | | | | |
| really do need to back out of a deal and may | | | | Stick to this list. |
| even be able to help you get your earnest | | | | |
| money back, which is that portion of the down | | | | Do not get caught up in the emotion of home |
| payment that accompanies a purchase | | | | buying and agree to purchase a home that is |
| agreement. | | | | more than you can afford. Do not settle for |
| | | | something less than you want because of other |
| Altering Your Financial Status Prior to | | | | factors, like a nice neighborhood or nice |
| Closing | | | | floor plan. |
| | | | |
| Once you are qualified for a loan, do not | | | | If you need two bathrooms, do not settle for |
| make any major purchases. Do not buy a car, | | | | one because you will be very unhappy in a |
| washer and dryer, refrigerator, lawn mower or | | | | very short period of time. Never agree to pay |
| garden equipment, expensive electronics or | | | | more than 10% over your original financial |
| computers, or furniture for the new house. | | | | plan just because the larger house appeals to |
| Slight alterations in your financial picture | | | | your emotions. You may run the risk of losing |
| could change your credit ratios enough that | | | | your home in a few months if your mortgage |
| an underwriter will throw out your loan. | | | | payments are too high. |