5 Mistakes to Avoid when Buying a Home
BY CORY A. LEVINE, ESQ.
Purchasing a home can be an exciting but unfamiliar process for many Buyers.
It is important to avoid mistakes whenever possible. With the right planning and choices, Buyers can increase their chances of having a successful transaction.
Buyers should avoid these common mistakes:
1. Not getting a Mortgage "Pre-Approval"
The Seller and its Real Estate Agent will be want to make sure that you will not have any issue getting a mortgage loan. Having a "Pre-Approval" from a familiar Lender when you make your offer will help you increase your chances of your offer being accepted.
2. Using non-local professionals or Internet Lenders
A Buyer should work with professionals who are accountable and knowledgeable of the local area. Using local professionals and avoiding Internet Lenders increases your chances of getting the best support and advice.
3. Not being present at or thorough during the Home Inspection
A Home Inspector might provide some verbal insight not contained in the written Inspection Report and things are often not as bad when Buyers see them "live" as opposed to in a written report. Also, Buyers typically take the property in "as is" condition (unless repairs are negotiated), so issues should be discovered early. Look behind furniture and under movable rugs.
4. Not transferring funds or liquidating assets in time
It sometimes takes longer than expected to liquidate assets (i.e. stocks) or for funds to be availabe in a checking account. A Buyer should look into this in advance.
5. Not consulting with the Attorney before making moving plans or "locking in" the Mortgage Interest Rate.
The Buyers' Attorney is usually in the best position to know what Closing Date is realistic. While the Seller or others may feel that the Closing could happen at a certain time, there may be legal or other issues being worked on that they don't know about.