Here are 7 things most likely to happen when buying a home and what not to do!
As much as you want to let all your friends and family know about the purchase of your new home on Facebook and every other social media site - Do not post anything before settlement.
The property might not appraise at what you are purchasing it for. With rapidly rising prices due to very low inventory appraisers who only look backwards in time for their supporting comparable values might not keep up with the market. So be prepared.
You will become irritated by all the demands for paperwork, documents that the mortgage company swears blind you have not already sent over when you know you have several times.
You will need to provide evidence of where any money in your accounts has come from and show a trail for any transfers. This includes gift money, and warn anyone gifting you money they too will need to show evidence of where those funds have come from with a trail as well.
You most likely during the transaction process will become frustrated, angry and nervous often all at the same time. Take deep breaths and make sure to do something to release the stress and tension that does not include going shopping.
You will be tempted to spend money on new furniture, or others big ticket items for your new home. Do not pay for anything with new credit, however good the rates might be. Wait till after closing as you may find you now do not qualify for your loan for one of many reasons.
Whilst dates and time are of the essence in Pennsylvania dates sometimes need to be changed, be prepared and do not go missing when your agent needs to contact you for something urgent.
When buying or selling contact Nick Vandekar, Selling the Main Line and Chester County, with Long & Foster Real Estate Inc., office phone 610-225-7400, cell or text 610-203-4543, or email Nick@VandekarTeam.com.
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