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How Well-Meaning Friends Can Railroad Your Home Purchase

Reblogger Patricia Aulson
Real Estate Agent with BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate

 

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Original content by Karen Crowson BRE#01732313

Woman Wagging Her Finger "No"When someone is in the throws of a buying a home, it usually takes front and center in terms of their attention. Quite naturally, people talk with their friends and family about the process and what they're experiencing along the way. And while most of those people are trying to be helpful, occasionally they have the unintended consequence of creating additional fear and anxiety in the would-be home owner.

Your Loan. Your personal finances are just that - Yours and personal. When someone else tells you about an interest rate they got or how they saved a ton of money with an online lender, you need to take all of it with a grain of salt. Interest rates can change at any time. Unless everything about your situation is identical to that of your friend, and you are getting your quote on the same day that they did, it’s very likely your rate may be different. Your type of property (personal or investment) loan (FHA, VA , Conventional, or Jumbo), points paid, size of down payment and credit scores can all affect the interest rate you ultimately pay.

Your Home Choice. Not everyone is just choosing a house. You may have a different criteria than your friends. For them, the size of the house itself may be more important than the neighborhood. For you, it could be the school your kids will attend. Someone will always have a story about a better deal. But the word better is very subjective. Getting what matters most for you is integral to making it a good value.

Your Inspections. Most homes will have items come up on inspection reports (pest, home, roof, pool) that disclose important facts about the condition of the property. Someone who has never lived in California for instance might get totally freaked out by reading a pest report, just by the name alone. In reality, the repairs might be very simple dry rot issues, but the fact that the word termite exists in the report conjures up images of your new home being chewed to bits by pesky little critters.  Unless your friends are inspectors themselves, they may not possess all of the necessary information to advise you. Let the professionals who address these issues on a regular basis help you understand the implications of those repairs or deficiencies.

Your Appraisal. I’ve witnessed neighbors share appraisal values with each other at backyard barbeques only for someone to feel slighted, thinking: My house is nicer than theirs – why didn’t it appraiser higher? What most people leave out of these discussions is the time element. Six months difference in when those appraisals happen can make a big difference in property values, depending upon the local market and other subdivision activity.

Your Agent. Others you know may have good or bad experiences from their real estate agents. Definitely listen and learn. If they’re wary of what they’re hearing from you, it could be that they are spotting a sticky situation they’ve been through before. Take note. But because this is such a personal buying experience, what’s your impression? Is the person knowledgeable? Friendly? Professional? Responsive? Patient? Resourceful? Nice alone isn’t enough. They need to be able to do the job at hand, keep you informed along the way, and be a good ‘fit’ for your schedule and communication style.

Listen to the advice and stories of your friends and family. They are all part of the education process and they may give you some very good pointers. But definitely weigh it against your own investigations and research, and let your gut instincts to guide you too. After all, this is ultimately your decision.

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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Patricia this is a great Re-blog I have seen this scenario play out many times.

Sep 23, 2010 01:34 PM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

A very good post Patricia!

Oct 07, 2010 02:03 PM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Thanks for the post tonight.

Oct 14, 2010 01:57 PM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Glad you liked the post Joshua.

Oct 15, 2010 02:25 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

THanks for the r e-blog JEnnifer, it's appreciated.

Oct 15, 2010 02:26 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Hi Judi,  I appreciate your time to comment on my blog.

Oct 15, 2010 02:27 AM