Don’t wait until you’re ready to buy before getting pre-qualified. Once you have decided that you are ready to buy, go ahead and get that step completed. This will help you and your Buyer’s Agent to know exactly what price range you are going to be looking in.
Also, go ahead if your Buyer’s Agent has a New Home Questionnaire, fill that out. This will also help him/her in knowing exactly the type home, bedrooms, baths, sq. footage, etc., you expect to be shown and helps eliminate wasting of your time. If they don’t have such a form jot your expectations down on a piece of paper and take it with you on your initial visit to the Buyers Agent’s office.
Don’t damage you debt to income ratio by making a major purchase. The bank/lender could decide that the payment on that purchase could affect your ability to pay your mortgage.
Don’t change jobs if it can be avoided. Consistency is considered a plus with lenders.
Don’t surrender earnest money without a signed contractual agreement that states what will happen to that money if the transaction falls through.
Be realistic and practical when buying a home. Some sellers are willing to work with you on repairs etc., while others may not be. However, don’t become so enamored with a property that you close your eyes to costly repairs down the road. Talk with your Buyers Agent about the pros/cons of using a Home Inspection Specialist.
Before closing be sure that hazard insurance has been secured, they will want to see proof of the coverage at the closing. If this has not already been done it could delay the closing.
Remember this is a business transaction, you are not there to make friends with the sellers. Although, rudeness is never acceptable. Conduct yourself in a business-like manner, avoiding any insult to the seller about their property. Negative discussion can wait until you are not in the presence of the property owner.
Don’t forget to use your Buyers Agent, it is his/her job to keep you in the loop during the process and make sure you are ready for the closing. Using a Buyer’s Agent can be beneficial in your protection during this process. Making sure that all your transactions are carried out in a legal and ethical manner, with your best interest in mind. Make sure that your agent sets up a final walk-thru before the closing date.
Be sure to answer all questions from your lender accurately and in a timely manner. Provide them with all paperwork requested, as timely as possible. These are just a few things that can make the process of buying your next home a bit less overwhelming. Good Luck in locating your dream home