First Time Home Buyer SurprisesBecause we work with a lot of buyers there are some surprises that come along in the purchasing process. We want our first-time homebuyers to not be alarmed or surprised with any of the transactions, process or funds that might be needed so here are some of the top surprises that most buyers have when purchasing a property.
Surprise in the Financing.
And this can go either way. I've had buyers that are surprised the financing went through so easy and I've had other buyers that were surprised it didn't. Several people that think they have their finances under control find out later that they have credit history problems, liens on old loans or cases of mistaken identity that they never rectified or corrected that tend to pop up when you apply for a home loan. Then there are those that think they can't get a home loan at all but have been working towards it and are surprised to find out that they can afford more than they originally thought. Either way, it helps to know your credit history, your financial status, and have a little money in the bank for closing costs, down payments and other costs involved in purchasing a home. Read more about Columbus Home Financing...
Even the most motivated Seller can be picky.
Buyers are sometimes surprised that even though a house has sat on the market for several months and the agent remarks stated that the seller is motivated in selling, the seller will still nickel and dime the buyer over seemingly minor issues. Most buyers think that once they've put in an offer even if it's not a lowball offer, the seller should accept. But, this is not always the case. Every single transaction is different because you are dealing with typically four different parties; the seller, the listing agent, the buyer and the buyers agent. All four bring something different to the table and emotions and perspectives. The old adage "under promise and over deliver" often works well in a buyer's perspective. You might be surprised your offer is accepted or you might have to negotiate with the picky seller. Try to keep your emotions at bay and remember that this is a calm and strategic negotiating battle.
There’s a lot of paper to sign.This is one of the biggest purchases you will ever make and it's not surprising that there is dozens if not hundreds of paper involved in this process. You will not only have dozens of paperwork to fill out for a home loan application but then the purchase and sale agreement, which is typically anywhere from a 10 to 30 pages, the inspection report and any addendum's or contingencies that need to be negotiated and satisfied, and then the final closing documents, which can be anywhere from 20 pages to 50 pages or more depending on the type of financing and contract you are signing. Try not to get frustrated but understand that you will be signing your name a lot. If there's ever anything you don't understand please make sure you ask. All parties involved are human and mistakes can be made. If you're unsure of any prices, figures, numbers or dates that might be incorrect, pointed out so that it can be corrected before the final documents are signed.
Buyers agents work their hardest on your behalf to negotiate for your terms and price but again, we are all human so you need to be your own advocate when it comes to asking questions you may not understand and clarifying the process of buying from the opening offer to inspection to the final walk-through and closing. Don't be afraid or ashamed to ask any type of question. So many buyers, especially first-time buyers are intimidated when it comes to real estate agents and bigwig licensed brokers, but, we are here to make this process as easy and as understandable as possible. If you thought something was supposed to be one way and now it's different, question it. If you're not sure why a seller left furnishings or other items, question it. If you thought the seller was supposed to leave an appliance and now that appliances gone, question it. We want you to be satisfied with your purchase long after the final closing documents have been signed and that comes by asking questions and getting clarification along the way. Don't ever be embarrassed or shy about asking questions either to your buyers agent, escrow, title company or lender.
Sometimes you have to be your own advocate.
5 Keys to know about before buying your first home
There will probably be dozens of surprises for first-time homebuyers but again, asking questions and understanding the process of alleviate so many of these surprises. Give us a call at any time for more information on first-time homebuyer tips and secrets in the Columbus Ohio area.