Common Homebuying Problems and How to Avoid Them

Buying a home should be a problem-free experience. Yet issues may arise that make it tough to acquire the perfect house at an affordable price.

Common problems that come up during the homebuying journey include:

1. Lack of Home Financing

Before you search for a home, it generally is a good idea to get pre-approved for a mortgage. That way, you can kick off a house search with a budget in hand.

To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can teach you about a variety of mortgage options and help you get approved for home financing in no time at all.

Of course, if you have questions as you pursue a mortgage, don’t hesitate to ask a lender for assistance. Lenders employ courteous, knowledgeable mortgage specialists who are happy to respond to your queries without delay.

2. Temptation to Submit a Lowball Offer to Purchase

Once you find your ideal residence, you may be tempted to submit an offer to purchase at or below a house seller’s initial asking price. But doing so may be problematic, particularly for a homebuyer who wants to acquire his or her dream residence as quickly as possible.

If you submit a lowball offer to purchase a house, a seller likely will reject the proposal. Worst of all, a rival homebuyer may swoop in with a competitive offer to purchase this residence – something that may cause you to miss out on the opportunity to buy your ideal home.

Ultimately, it is beneficial to submit a competitive homebuying proposal. If you allocate time and resources to learn about a home’s condition and how a residence stacks up against comparable houses in the same city or town, you can craft a competitive offer to purchase. And as a result, a competitive offer to purchase may receive an instant “Yes” from a home seller, leading to a fast, successful homebuying experience.

3. Failure to Identify Problems During a Home Inspection

A home inspection is paramount because it gives you the opportunity to walk through a residence with a property expert and learn about any underlying house issues. Then, if you discover major problems with a house, you can ask a seller to complete property repairs, reduce your initial offer to purchase or walk away from a residence altogether.

Hire a home inspector who possesses comprehensive expertise – you’ll be glad you did. With the right house inspector at your side, you can get the help you need to identify problems during a property inspection.

Lastly, as you get ready to search for a house, you may want to hire a real estate agent as well. This housing market professional can provide extensive guidance throughout the property buying journey and ensure you can mitigate homebuying problems before they escalate.

Reach out to a real estate agent today, and you can receive plenty of support as you navigate the homebuying journey.

You’ve Made an Offer on a Home: Now What?

What should you expect after you make an offer on a residence? There are several steps that will take place between the time you submit an offer on a house to the date you finalize a purchase agreement, including:

1. Acceptance or Rejection of Your Initial Proposal

A home seller will have a short period of time to accept or reject your initial offer.

If a home seller accepts your proposal, you’ll be able to move forward in the homebuying process. Conversely, if he or she rejects your offer, you may be forced to restart your home search.

On the other hand, a home seller may counter your offer as well. In this scenario, you likely will be given a set amount of time to accept or reject the counter-proposal. Or, you may be able to further negotiate with a home seller in the hopes of finding common ground.

The time between when you submit an offer on a home and receive a home seller’s response to your proposal can be stressful. Fortunately, working with an experienced real estate agent ensures that you’ll be able to stay up to date. This real estate professional will even help you put together a competitive offer on any home, ensuring that you can boost your chances of getting an instant “Yes” from a home seller.

2. Completion of a Home Inspection

Although a home seller has accepted your initial proposal, you’ll still want to conduct a thorough home inspection to identify any major property issues.

For example, if a house has a faulty roof or defective hot water heater, an expert home inspector will be able to uncover such problems immediately. That way, you can learn about issues that may impact the long-term value of a home as part of an inspection.

If you find out about major issues with a home during a property inspection, you can rescind your initial offer and walk away from a house. Comparatively, if you still want to buy a home in spite of problems that were discover during an inspection, you can ask the home seller to complete home repairs or upgrades. You also may want to consider asking for a price reduction if major home repairs or upgrades are needed.

Ultimately, a home inspection will help you make an informed homebuying decision. After a home inspection, the ball is in your court, and you can choose to move forward with the purchase of a home, revise your initial offer or remove your proposal altogether.

3. Relocation to Your New Address

The final step of the home selling process involves closing on a home and relocating to your new address. At this point, all you’ll need to do is pack up your belongings from your current location and move them to your new home.

Purchasing a home may seem impossible at times, but the homebuying process often gets easier as it progresses. Plus, homebuyers who collaborate with an experienced real estate agent can receive plenty of support as they navigate each stage of the homebuying journey.

Steps to Take When You’re Ready to Buy a Home

Want to transform your homeownership dream into a reality? Understanding what it takes to enter the real estate market successfully is paramount for homebuyers. With the necessary preparation, you should have no trouble purchasing your dream residence.

Ultimately, there are several steps that a homebuyer should take before he or she conducts a home search, including:

1. Perform Plenty of Housing Market Research

The housing market fluctuates regularly, and a buyer’s market can change into a seller’s market quickly. As such, you’ll want to conduct sufficient real estate market research before you start your home search so you can streamline the process of finding the perfect house.

Consider where you want to live and whether you’d like to reside close to family members and friends. Also, consider how much space you’ll need from a new home, along with whether you’d like to live near schools, playgrounds and other local hot spots.

Don’t forget to check out the prices of a wide range of homes, either. By doing so, you may be able to determine the price range for houses that match your needs.

2. Get Pre-Approved for a Mortgage

With pre-approval for a mortgage, you’ll know exactly what you can afford as soon as you’re ready to buy a house.

Banks and credit unions frequently offer a vast array of home financing options, making it simple for you to choose a mortgage that fits your budget. Fixed- and adjustable-rate mortgages are among the most popular choices for homebuyers nationwide. Meanwhile, you may be eligible for Federal Housing Administration (FHA) or U.S. Department of Veterans Affairs (VA) loans as well.

Reach out to multiple banks and credit unions to pursue all of the home financing options at your disposal. This will enable you to find the best mortgage based on your individual needs and enter the housing market with financing in hand to secure your dream home.

3. Hire an Experienced Real Estate Agent

There is no reason to enter the housing market alone. Lucky for you, experienced real estate agents are happy to help you find the perfect house.

An experienced real estate agent understands the ins and outs of the housing market and will share his or her real estate expertise with you. This professional will educate you about the real estate market and ensure that you know what to look for when you attend an open house.

Also, an experienced real estate agent will guide you along the homebuying journey. From the moment you spot your dream home to the day you finalize a purchase agreement, your real estate agent will offer the support that you need to go from homebuyer to homeowner.

Perhaps best of all, an experienced real estate agent will help alleviate your homebuying concerns. And if you ever have homebuying questions, your real estate agent will provide responses at any time.

Don’t settle for a subpar home – follow the aforementioned steps, and you can move closer to discovering your ideal residence.

Key Reasons to Buy a Home in Fall

Autumn represents a season unlike any other, and for good reason. Fall brings about the transition from summer to winter, and as such, provides cooler temperatures and shorter days. Furthermore, autumn represents an ideal time for homebuyers to browse the real estate market and find the perfect residence.

Ultimately, there are many reasons to buy a house in fall, including:

1. Home sellers often are ready to make a deal.

If a home seller added a property to the real estate market in summer but failed to finalize a purchase agreement, he or she may be more inclined to make a fall deal. Thus, autumn homebuyers may be able to land great residences at discounted prices.

For fall homebuyers, it is important to check out many properties that are available. By doing so, homebuyers can explore a broad array of houses and find out how long various properties have been on the real estate market. As a result, homebuyers may be able to discover terrific houses at below-average prices if they complete a comprehensive home search in fall.

Of course, if you submit an offer on a home in autumn, be sure to provide a fair proposal. If you submit a “lowball” offer, a home seller likely will decline your offer, and you may fail to secure your dream house. On the other hand, a homebuyer who performs plenty of housing market research may be able to improve his or her chances of submitting an offer that receives an instant “Yes” from a home seller.

2. You can capitalize on year-end bargains to enhance your property.

For a homebuyer who is interested in a “fixer-upper,” i.e. a house that requires extensive maintenance, there may be no better time to purchase a property than fall. In fact, homebuyers may be able to take advantage of numerous fall sales to upgrade their residences in no time at all.

Remember, Columbus Day, Thanksgiving and other fall holidays frequently are accompanied by unprecedented retail sales on a large assortment of home items. And if you purchase a home in autumn, you could reap the benefits of fall retail savings and find new ways to enhance your property without breaking your budget.

3. Many real estate agents are available to help you find your dream residence.

Looking to buy a home in fall? You should have no trouble hiring a friendly, experienced real estate agent to guide you through the homebuying process.

Real estate agents can offer expert advice as you inch closer to owning a property. These real estate professionals are happy to respond to any homebuying concerns or questions, ensuring that you can gain the insights you need to discover the perfect residence. In addition, real estate agents can set up home showings and negotiate with home sellers on your behalf.

When it comes to searching for a home in fall, there may be no better option that working with a real estate agent. With assistance from a real estate professional, you can accelerate your journey from homebuyer to homeowner.