You search with your Colorado Springs Realtor for a home and after some time, you finally find it! It’s perfect! All smooth sailing from here right? Not necessarily. If you want to find out how to avoid making the real estate deal for your perfect home from crashing, keep on reading
Sure it’s a buyers market but don’t forget other buyers can be your competition
when you submit an offer on a property. Even in this market, properties are receiving multiple offers if they are a killer bargain. So if you find a bank owned property that is priced way below market and the bank has already received three other offers, it is wise to make your best offer if you really want the home. Coming in with a low-ball offer
doesn’t always work so use good judgment when making an offer on a home.
So the seller accepts your offer and you get a great price on the home then the inspection rolls around. The inspector finds multiple issues with the property, some minor and some major. The buyer can ask the seller to replace or repair anything but is that always a good idea? If you are extremely picky about every single thing in the house, the seller can refuse to correct the items and even terminate the contract. If the property is bank owned, the bank usually refuses to make any repairs so if you want a bank owned property, be realistic when it comes to the inspection. Sellers who are upside down may not have the finances to make repairs either so keep this in mind if you are interested in a short sale property for sale. Of course, if there is something wrong with the house that is discovered during inspection, the buyer reserves the right to terminate the contract within a specified amount of time. Regardless, you will more than likely put some money into your home for repairs while living there, it’s inevitable!
Your credit is a huge factor when making a home purchase so making large purchases when you are going to buy a home or not paying your bills can hurt your credit score. A change in your credit score may affect your ability to get loan financing.
Honesty is the best policy, so don’t lie on your loan application. If you lose your job while under contract to buy a home you need to disclose the information to your lender and real estate agent. Stay away; far away from mortgage fraud…it’s not worth it!
Fear. Some buyers have fear when buying a home and hesitate to move forward even if they find the perfect house. Buying a house can definitely be a scary and exciting experience but don’t allow fear to get in the way of you making a home purchase.
There are many benefits to buying a home and if you have reservations about moving forward, ask questions, research, and if needed, take a break to clear your head. It is easy for emotions to arise when making one of the biggest decisions of your life but if you have a patient and knowledgeable real estate agent, you are in good hands. Just don’t allow fear to control your decisions when buying a home.
The real estate process can be complicated and that is why it is so important to have a real estate agent to represent you.