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| Home Buying Expert
Corner |
Common Home Buying Mistakes That You Must Avoid
If you aren't careful, it's easy to make some major mistakes before
purchasing a home that can delay or even cancel your closing on that
home. So here are some tips on how to avoid common home buying mistakes
that many people make.
Most people these days use financing to afford their home, and a very
common mistake that is made by many home buyers is making a major
purchase, such as a car, not long before trying to buy their new home.
This may not sound like a problem initially, but lenders use something
called the debt to income ratio to help determine whether or not you
can actually afford a home that is in a certain price range. Unfortunately,
by increasing your consumer debt for purchases like a car or some
other installment payment, you only decrease the amount of house that
you can buy through most lending institutions. So avoid this mistake
and eliminate all major purchases as much as possible before purchasing
a home.
Another common mistake is changing jobs just before buying a home.
Again, lenders don't like to see this. They prefer instead to see
consistency at the job, so do your best to stick it out at your job,
at least until your home is bought and the papers are signed.
If you happen to be buying your home as a for sale by owner deal,
a big mistake that you want to avoid is to be careful not to give
any down payment money to the homeowner themselves before the transaction
is actually completed. Unfortunately, some unscrupulous homeowners
have taken the down payment money that they have received and spent
it before the deal was closed. If for any reason the deal falls through,
you can imagine how difficult it would be trying to get your money
back in such a situation. The wise course of action is to put the
down payment in a trust fund overseen by an attorney, so that access
to the money cannot be gained by either party until either the house
closes or the deal falls through.
Believe it or not, some home buyers actually forget to arrange to
have their utilities activated in their new home before they move
in. This can lead to some very uncomfortable days spent in your new
home that are unnecessary. So make a note to yourself to both arrange
for turning off utilities at your old residence, and getting them
turned on in time at your new home.
Having a good real estate agent to look out for your interests as
you buy your new home is an important asset that you don't want to
overlook either. It's their job to keep up with all the details of
the deal from day-to-day, and keep everything moving smoothly on track
toward closing. They can help shield you from much of the frustration
and day-to-day angst associated with buying a new home.
Some home buyers fail to stay up with the requirements of the lender
as the home progresses to closing too, and then find themselves way
behind in the process at the very last minute. Sometimes this can
lead to delay or even cancellation of the house closing, so take care
of your end of the deal by staying on the same page as the lender
all the way through the process.
The more education that you have about possible costly mistakes that
could be made in buying a home, the more chance you have to keep the
whole home buying process moving along smoothly and quickly toward
a successful close.
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About the author - Steadman Issenburg
Steadman Issenburg writes on many consumer related topics including
real estate. You can find scottsdale real estate listings and houses
for sale in florida and more by visiting our Real Estate website.
Article Source: http://EzineArticles.com/?expert=Steadman_Issenburg
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