When I first start working with a potential buyer, especially first time buyers, I always address whether or not they have spoken to a lender. This is a no-brainer for all the obvious reasons. Mainly, I think, most buyers believe they just need to prove that they are prequalified for a loan. Well, yes. But please don’t be defensive if I keep asking questions like: Did your lender show you what your payments would be on a particular sale price? Did they include the property taxes and an estimate for homeowners insurance? Did you also consider the Homeowners dues (if applicable)?
So often when it comes down to actually preparing the offer (or even after it is submitted), buyers start to get cold feet and are thinking: My payments are going to be how much? Believe it or not, well-priced homes will sometimes receive multiple offers or go under contract shortly after going on the market or having a price reduction. You need to be ready mentally and act quickly. Make sure you are shopping for a home within your comfort zone and you are working with a lender who can respond quickly to your questions. The home buying process can be stressful, so that is one way to make things a little more comfortable for the buyer.