Buying A Home? It's Time To Come To Terms

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Mortgage and Lending with and for 1st Time Buyers, Move Up Buyers & Investors 207897nmls# DOC#207897
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Buying A Home? It's Time To Come To Terms

 

 

Five Absolute Truths About the Home Buying Process That You Will Need to Come to Terms WithBuying a home is one of the most exciting times that an individual will undertake in life. However, a property purchase is not without its challenges, and these can cause frustration and anxiety. In this article we’ll share five potential setbacks that home buyers will need to understand and come to terms with to make a successful purchase.

 

Homeowner’s Insurance is Necessary

 

Most lenders will require insurance before financing is approved. To fulfill these requirements, the policy should be for at least one year and proof that the policy has been paid for must be presented. Purchasing the policy is something that must be done before closing can take place, so if you’re sure that this is the home for you, don’t delay. Setting up a policy can take a little time.

 

Some Sellers Are Firm, No Matter What

 

In an ideal situation, the buyer and the seller come to a mutual agreement very easily. However, in most cases negotiation of some type is likely to be a part of the process. As with most negotiations, to reach success both sides will need to compromise.  Do your best to keep an open mind.

 

Probate Properties Have Special Terms

 

When the original homeowner has died, there are certain considerations to keep in mind that do not typically apply to other types of property. One is the fact that there is a special process that must be completed before the property can be sold, even though the heirs may advertise the property as being for sale ahead of time. Another factor to keep in mind is that a recently probated property may have been uninhabited for some time and will be sold ‘as is’.

 

Loan Offers May Not Be Set in Stone

 

A common pitfall for many buyers is the assumption that home financing will be approved without issue. Unexpected circumstances may arise that cause a mortgage loan to be denied, which can cause an unprepared buyer numerous issues. Many sellers, in anticipation of such problems, have a contingency requirement.  Be sure to follow the advice of your lending institution to help the process go smoothly.  

 

Expect Caution from Sellers

 

If a seller treats your offer with caution or trepidation, don’t take it personally. Many homeowners have been burned during previous sales, and you have no idea what the seller has been through with potential buyers this time around. If someone is exercising caution, there’s likely a good reason for it.

To all of our agent partners and clients we have some big news coming and you won't want to miss out on it.  Be sure to LIKE the Facebook page PYT IS COMING.  Will will have some big new next week that you won't want to miss.  Feel free to reach out to us by phone at 602.361.0707 or by email at mark@awesomerates.com

 


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Rainmaker
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Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

Certainly the home buying process if fraught with pitfalls and perils.

Aug 08, 2014 08:01 AM #1
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