Ep 40 - Ten Home Buying Blunders - a podcast by Brian Cook And Kindra Cox

 On Episode 40 of The Brian and Kindra Show, they discussed ten first-time home buyer blunders to avoid.

#1 - Shopping without loan pre-approval: This can be tricky! Brian and Kindra LOVE meeting new customers and can easily show a vacant home if the seller doesn’t require a pre approval for each buyer. However, when interested in an occupied property it’s important to take other’s time and efforts into consideration. Not to mention, it is sorely disappointing to fall in love with a home only to find later that it is outside of your budget. OR even limiting your own shopping range when you could actually afford more! Speaking with a qualified loan specialist will give you the price range and help you narrow down your search. Online resources are often way off with taxes and insurance. Always obtain loan pre-approval.

#2 - Buying a home you don’t feel great about due to pressure from others: Advice is great to have if someone is an expert in a field. However, home purchases are personal and it important that you find what you love. It’s your home and your investment. Be sure to evaluate your own needs and wants first.

#3 - Passing on a great home because of trivial cosmetic features: A house can be painted, new floors can be laid, etc. Brian and Kindra know the right resources to fix issues like this, so don’t be afraid to have the conversation.

#4 - Searching outside of your price range:This goes back to getting pre-qualified. It’s not advisable to look over your pre-qualified amount by 5% in our current market as that is the approximate range of listed to sold price. In order to have an offer accepted and avoid discouragement, it is best to shop in within the appropriate price range. This allows buyers to be more competitive with their offers.

#5 - Assuming your offer will be accepted: Remember, it’s impossible to know if the seller will have other offers arrive at the same time as yours! And, just as each buyer wants to find the best deal, most sellers also deeply desire to obtain the best return on their investment through the home sale. Have the conversation with your real estate professional to know how to be competitive with your offer.

#6 - Assuming the deal is done once an offer is accepted: After an offer is accepted, a lot has to happen between accepted offer and closing! Inspections, appraisals and loan underwriting can all affect if a transaction will close and fund. A transaction is not closed until the purchase is funded. The bank can take a couple of hours or a couple of days to release funds.

#7 - Making large purchases or incurring new debt: Right before closing, a lender does a final credit pull and if the debt-to-income ratio is too far off, the deal can be over. If anything changes with your income or debt while under contract, you must tell your lender.

 #8 - Being unaware of closing costs: The lender will send this right at the beginning and you’ll know what to expect. Many buyers are surprised by the fees. Be sure to ask questions and be prepared!

#9 - Misleading your mortgage lender: They will pull all your financial records and credit, so everything comes out in the open anyways. Be honest and up front!

#10 - Working with an agent who doesn’t care: Seek an agent who is interested in you and cares about you just as much as you care about buying a home. 

Brian and Kindra hope these tips have been helpful to you. As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

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