Things Buyers Should Never Do DuringThe Process of Buying A Home
•Don't quit or change your job or change your legal name during the mortgage process
•Don't buy any large ticket items (like cars or boats) during the mortgage process
•Don't transfer large amounts of money in and out of your bank accounts…If you have cash you need to use for the transaction it must be deposited 90+ days before the transaction and must be 100% traceable.
•Don’t speak with sellers directly about the negotiations…always go through your agent… (loose lips sink ships)
•Not telling the person who is giving you a gift of funds for closing how you will probably need a gift letter and some proof (usually a bank statement) that they actually have the money to give
•Not being completely honest with your lender about child support, alimony, wage garnishments or any other payroll reduction
•Not telling your agent you run a business out of your home… need to install a 200’ Ham Radio Tower in your back yard…or have 8 Rottweilers, 6 chickens and a goat!
•Don’t make any major purchases ($100.00 or more)… Do not go furniture shopping and let people pull your credit report
•Don’t take advice from friends who have not purchased in the last year (the rules change almost daily)
•Don’t call the other agent on For Sale signs…Don’t attend open houses and new construction without your aagent …they are working for the seller…not you!
•Don’t forget to tell your agent if you have a house to sell before you can purchase another one.
•Don’t delay paperwork because you are irritated by the frequency and number of requests from your Mortgage Company…it will surely cause a delay in the closing.
•Don’t use a lender on the internet who offers an unbelievably low interest rate and/or is not local to our area… believe me it will be your worst nightmare!
•Don’t forget ... it is possible to find what you are looking for the very first day you go out (this happens more than you think…) Don’t go home to sleep on it (in a hot market, if you sleep on it, you might not get to sleep in it)
•Do Not co-sign a loan for anyone. Not even for one of your children!
•Don't schedule a vacation for just before or just after you close (especially a prepaid, nonrefundable cruise or vacation)… last minute changes or closing delays can occur.
•Don't order Direct TV, cable, telephone, internet, or any utility that will pull a credit report, unless you want to write a letter of explanation about the inquiry on your credit report to your mortgage company
•Don’t have unreasonable expectations for the transaction... there may be some bumps and potholes along the way...just know your agent has your best interest at heart!
•Don’t pass on getting a survey, a home warranty, or a home inspection... the amount saved by not getting them could cost you ten fold later!
•Don’t post your real estate negotiations on social media sites ( this can easily be viewed)
•Don’t start looking for your new home BEFORE you are FULLY approved (nothing hurts as much as finding the house you love and losing it because you can’t afford it)
•Don’t believe what you see on HGTV and reality television (the majority of that stuff is scripted)
•Don’t use an Attorney who does not SPECIALIZE in Real Estate Closings
•Realize… If it can't be written in the contract because its being done "under the table"… it is almost always mortgage fraud ( a felony punishable by time in prison)
•Do not look at a short-sale if you need to move immediately or if you need to be in control of the process
Make the process stress-free by using professional REALTORS, Local Lenders, Licensed Inspectors, General Contractors, and Real Estate Closing Attorneys
Call Eddie at 919-417-9908 to start your home buying process the right way!