5 Absolute Truths About the Home Buying Process

By
Mortgage and Lending with Bay Equity Bay Equity NMLS #76988

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. 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.

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.

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.

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.

Posted by

David Kosmecki

Area Sales Manager NMLS 265365 | 76988

Direct: (763) 519-1100 | Toll Free: (800) 536-0233

   

Check me out at: Fast Closing Now.

 

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Rainer
106,803
Rob Marken
Bend River Realty - Bend, OR
25+ years experience in Bend

Great tips! Many times buyers don't think about these points but they are very true.  Thanks for sharing. 

Sep 18, 2014 07:11 AM #1
Rainmaker
798,609
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

You have provided some excellent advice for home buyers to know and understand. Home buying is a process, and sometimes it is not easy, but the end result is worth it.

Sep 18, 2014 07:57 AM #2
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Rainmaker
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David Kosmecki

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