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Troubleshooting Your Home Buying Process

Troubleshooting Your Home Buying Process

Troubleshooting Your Home Buying Process

Buying a home often turns into a more complicated, drawn-out or discouraging journey than first-time buyers expect. Understanding the potential pitfalls, and knowing your strategies for overcoming or avoiding them, could make a major difference in your home buying experience. Let’s look at how you can troubleshoot some common problems that might pop up during your home selection, negotiations and purchase.

Problem: Your search seems to be taking forever. You’ve looked at listing after listing and visited home after home, but none of your prospects have excited you enough to bring your exhausting search to an end.

Solution: Check your expectations. Have you set your sights higher than your budget can actually afford? Do you and your spouse actually have completely different (and incompatible) wish lists and deal breakers? Do you keep succumbing to the urge to view just one more property? Get realistic about what you can pay, which little disappointments you can tolerate, and when you’ve seen a home worth bidding on.

Problem: Your offers keep getting turned down. You’ve made what you thought were reasonable offers on a number of homes, only to receive a rejection every time.

Solution: Seek professional advice. Again, unrealistic expectations can sabotage your efforts — or you may simply not understand the going rates for that community or neighborhood. You need to consult with an experienced real estate professional who knows the market and recognizes a potential bidding “war zone.”

Problem: You discover that your perfect home isn’t so perfect. To your disgust or disappointment, you discover that your beautiful prospective home suffers from pest infestations, outdated electrical wiring, or other flaws that make the property less attractive than you thought.

Solution: Turn the problem to your advantage during negotiations. Instead of simply walking away from that almost-lovely home, talk to your agent about using the flaws as bargaining chips. You could insist, for example, that your seller come down in price, or you could insist that any necessary repairs be made before closing at the current price (which will at least ensure that you actually get the home you thought you were getting when you first viewed it).

Problem: Your financing just collapsed. Your home buying process was going swimmingly right up to closing — when you suddenly found out that you don’t have the necessary financing after all.

Solution: Take the loan application process seriously. Getting pre-approved for a home loan is the most effective strategy you can employ to keep this tragedy from occurring time and time again. You might not be able to do much about external circumstances such as an unexpected job layoff or a spike in interest rates — but you can work to keep your credit score as clean as possible, and to make sure every item on your loan application is completely accurate and verifiable.

Start thinking about these issues now, and you won’t be quite so stumped by them later. Remember, even home buying problems have solutions!

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