Buying a home can be one of the most exciting times of your life. Making a checklist of wants and needs is fun and you know you can make your dreams come true by working with your real estate agent to find the perfect home.
Searching and going through the process of home buying can also be a very emotional time. Your emotions are involved with every aspect of the search and the financial process and sometimes those emotions can turn into stress that wipes out those happy and excited feelings you once had.
There are endless reasons why things can go wrong and rev up your stress level. Your agent may not be communicating with you and you’re becoming frustrated with the lack of information coming your way. If that happens, it’s time to have a face-to-face meeting with the real estate agent, let her know your concerns and see if you can rectify the situation. If you don’t think that’s possible or continue to have a lack of feedback write a formal letter which states your reasons for dismissal and find another real estate agent as soon as possible..
You may think you’ve found your dream home, but the inspection reveals defects and problems far beyond what you want to take on. That’s just one more thing that can go wrong among the litany of others. Now you have to decide if the repairs and renovations are worth the time and money or decide to keep looking for a home. If you have a friend who is familiar with buying and selling homes – or know of a reputable contractor you can discuss the situation with, call to get some advice so you can make the best decision.
Another stress factor in purchasing a home is the financial aspect. A lender may reject your loan at the last minute or you might receive a low appraisal on the home. Doing some research before you get so far into the home-buying process can alleviate some of that stress. Talk to at least three lenders before the home search and have your credit and financial statements in pristine order. You should be able to get a good assessment on what your chances are for a good loan amount. There could be a few reasons for a low appraisal and it doesn’t necessarily mean that you’re offering too much money. Check with your real estate agent about whether the home sales in the area have happened so fast that the comps haven’t quite caught up with the prices as yet.
Just when you think it’s over and you’re looking forward to the closing date you get word that the title company found problems with the title or perhaps an unknown lien on the property. Your agent should be able to steer you through these complications, but it may take awhile. A quitclaim deed or a commencement of action to quiet the title are a couple of options the agent will discuss with you to get rid of that problem.