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Friday, November 10, 2017

Buying a Home - Don't Sabotage Your Deal!

The home buying process is fraught with risk and uncertainty.   There are some things a buyer can't control such as:
  • home inspection results.  While the general condition should be apparent and any problems disclosed by the seller, things can show up during the inspection. 
  • appraisals can't be controlled.  If the buyer's agent has done their homework and the offer approached with a sense of reasonableness then this should (hopefully) not be an issue. 
Still, a buyer should avoid anything that may sabotage their deal!

What can a prospective home buyer do that could put their home purchase in jeopardy?  Well, unless it is a cash purchase, simple "life choices" can create problems.

What are some "don't" events that can jeopardize a real estate closing?
  • Don't quit your job. Changes in employment are real risky.  Discuss with your lender up front if there is a job transition occurring in the near future (before closing on your home).
  • Don't buy a car or boat.  Major purchases, especially if financed, create potential issues with available cash reserves and debt to income limits.  Also, depending on credit score it could be a bad move!
  • Don't apply for a credit card.  Think credit score and debt!
  • Don't charge anything.
I like to put it this way when my buyer clients start shopping for a new home and especially once their contract is in place:  Once pre-approved for a mortgage don't do anything except eat, sleep, pay bills on time, go to work, got to church or whatever until closed!

Buying a home requires your finances (savings, income, taxes) and employment to be an open book.  Don't hide anything.  Don't change anything.

Ready to buy a home in Viera, Florida?  Call or text me at 321-693-3850 if I can help!

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