Having some fear and nervousness when buying a home is completely NORMAL!
Buying a home can be a scary thing. Owning a home involves a long term commitment, both financial and from a maintenance standpoint. Many home buyers often are wary that they will purchase the wrong house and be stuck with an investment not worth their money. However, of the issues most home buyers often face, there’s plenty that can be done to alleviate the all too common fears you might experience when purchasing your new home. You’ll quickly see that not only can you face your home buying fears, but you can conquer them. These are the most common home buying fears that I have seen…
First-time home buyers tend to have more home buying fears, or are more intimidated, than those who have bought a home before. One semi-common problem in real estate is a cracked foundation, a leaky roof, or dry rot. With “big, hairy issues” like these, a good home inspector will be able to identify, and point this stuff out for you (if they exist) and then you can assess the problem as necessary. An experienced, highly-recommended home inspector is very useful in that he or she is hired to point out every issue to the buyer. So be sure to ask the home inspector plenty of questions. After all, you hired them, and it’s their job to answer your questions. When you do ask the inspector questions, ask for an explanation or clarification on any issue that comes up, and when the repair or replacement must be taken care of. Honestly though, a top-notch inspector will already give you this info and answer all these questions by default. If you need some recommendations for great home inspector in your local area, be sure to ask a Realtor that you trust. Finally if, and potentially when, an issue arises you can back to the seller and ask if they will either A) credit you money back to repair the issue after the deal closes, or B) ask them to fix the issue before closing. Depending on the issue, and the type of financing you are using (FHA, VA, Conventional, etc) the lender may require that certain repairs are done prior to loaning you the money and closing the deal. An example of this is a roof that needs to be replaced. FHA will usually require that the roof is replaced before closing. Talk to your Realtor about this scenario because it could potentially give you an added bargaining chip.
Your Earnest Money Deposit
Another fear buyers often have is the fact that the deposit may sometimes be locked in without the signatures of both parties. However, remember that it is nearly impossible for the deposit to be lost. If an inspection, loan contingencies or disclosure review is done, make sure you work closely with your agent to mark the time-frames. If the contingencies need to be removed be sure to finish establishing every thing at least a day in advance. If you find that you are in negotiations around the date, make sure to extend the contingency date so that you will stay under contract and the protection it affords.
Another thing you should do is find out how the selling agent intends to handle the offers received. Sometimes an agent will accept the first offer when it’s a good one and usually the seller will have a date to review any offers by a certain day. Whenever you are out of town or busy be sure to stay in contact with your agent so that you will not miss out on your dream home as it may disappear from the market while you are traveling or unable to correspond during work.
“My Realtor Doesn’t Have My Best Interests In Mind”
Another concern some buyers have is that their agent does not consider their best interests in conducting business matters. This simply is not true, good agents are almost always on the prowl and keeping an eye on the market with your best interests in mind. If you have doubts and feel that you agent is not on the same page, simply change agents and go with the one you feel comfortable with. Both you and your agent should have a mutual commitment to one another and you should sit down before you start the process and speak with the agent you choose in the same way you would in a job interview.
We Wont Find The Right House In Time
Often buyers are concerned that they will not find the right house soon enough. However a purchase involving thousands and thousands of dollars should not be rushed. If you have some sort of time constraint make sure you have a backup plan. If a school application deadline or expiring lease is a factor, be sure that you have a Plan B if things do not go according to plan A. This will take the pressure off.
Purchasing a new home is not only expensive but also complicated. You never want to rush into making a decision, as a mistake can hurt you in the long rung, so be thorough. It’s safer to rent in the meantime or to use a temporary address while you try to find what in the long run, will be the best choice. Sacrifice the comfort in the short term to make sure you will be happy in the long term, you’ll be glad you did. Whenever you have a concern or fear about a home or the process and anyone involved in the purchase, don’t hesitate to speak up and go with your gut instinct. Avoid rushing and allow yourself to think things through.
About the Author: The above article on Home Buying Fears and How to Face Them was written and provided by Dustin Brohm, a leader in the field of Real Estate sales, marketing, and smart home technology. Dustin can be reached via email at [email protected] or by phone at 801-455-8753. Dustin has helped many people buy and sell Salt Lake City area homes for years.
Thinking of selling your home? I have a real passion for buying and selling Real Estate, as well as marketing & smart home technology. I’d love to share my expertise!
I help people buy and sell real estate in the following Salt Lake area cities & neighborhoods: Holladay, Cottonwood Heights, Millcreek, Olympus Cove, Canyon Rim, Sugarhouse, Midvale, Murray, East Millcreek, Sandy, White City, Draper, Riverton, Daybreak, South Jordan, West Jordan, Herriman, Bluffdale, South Salt Lake, The Avenues, Federal Heights, and of course, Salt Lake City.
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