7 Things I wish I knew
I have never imagined in my entire life how many hoops you need to jump through in order to get a home. I’ve also never seen nor heard of so many people putting an offer on one home so quickly either. Buying a home in a hot seller and buyer market I can say for sure that it is crazy. I wish I would have known a few things now before my husband and I started looking for home to save us from some of the hassle we just recently had to go through.
My husband and I just placed an offer on a home, we went a little above asking price but we were also waiting on a pre-approval from a loan agent. We were hoping to hear from her on Friday, but alas she had some issues come up and wasn’t able to get us our estimates and such. We still went out, looked at homes and came across one where we liked more than the other seven we had seen. We put an offer in on it, and were asked to get a pre-approval as well from their loan agent. To make the story short they backed out last minute not wanting to deal with our loan type and went with another offer instead.
At first, we were disappointed, but the more we talked about it the more we realized how much of a blessing in disguise that was. There wasn’t a pantry, hardly any storage, and the closets were terribly small. Despite it being completely renovated we found that it probably wouldn’t have been a great fit for our little family. But this also prepared us for what mistakes we had already made and opened our eyes a little more to what we really wanted in a house.
Given we are still new to this there are several things that we should have done prior to looking at homes, and would have saved us so much time and some stress-free hours as well. Perhaps what I have learned in this little amount of time might help someone else.
- Get pre-approved before letting a realtor take you out to look at homes.
- Don’t rush into a decision, the home might get offers but it won’t be gone immediately.
- If you really like the house and you think it is worth it, and if you can, offer above asking price. Normally people won’t go over, either they will go under or they will hit right on the mark.
- Think about putting some earnest money down to show the buyer you’re serious.
- Research the area if you haven’t already. We came across some nerve racking things when we considered the area we were thinking of buying.
- Think about how you’ll cover closing costs. These can be rolled into your loan if the buyer isn’t covering them.
- Again, THINK before you offer. Seriously consider if you could see yourself there for more than fifteen years. Rushing into it isn’t a good thing, never feel pressured by how fast homes are being sold in your area. There are other homes you might like better.
There you have it. The seven things that I wished I would have known before considering homes to buy. It might not be much, but I know I would have liked to have known all this before putting an offer down on a home.