Are You Having a Home Buying Stress?

Published by cravat | Filed under Buyer / Seller Tips, Cities, Miscellaneous, Real Estate, Shout Outs

Purchasing a home is probably one the most thrilling things you can do. When I purchased my first home, I was so excited that I danced with dog and across the hardwood floors in stocking feet. Most likely that is the same thing any real estate agent would say to you too.

Sources of Home Buying Stress

Buying a home is also a moving experience and very personal to each individual buyer. When your feelings are involved, there is always a possibility that those feelings can get out of hand. Furthermore, the chances of things going wrong are never ending.

·         Sellers can be difficult and confrontational

·         Inspection in the property may expose defects

·         Lenders may decline your loan

·         A low appraisal can be feasible

·         Your sales agent might not be able to talk to you well

·         The moving company could go bankrupt

The Purchase Offer is Where the Stress Starts

You keep in mind to always have a copy of a purchase agreement that you will sign before you check any homes. I advise that you read it word by word, with the important clauses circled for you. Nonetheless, when it comes time to actually sign the offer, sometimes buyers will be alarmed, They say “But the purchase agreement looks totally different with all the blanks filled in.”Breathe in and relax. You can ask your agent to go look over and discuss the vital parts of the offer with you. When you are okay with what is written in the agreement, then you can sign it. Let me list down a partial list of what an offer may enclose:

·         Purchase price

·         Earnest amount to deposit

·         Down payment

·         Loan amount

·         Terms of your loan

·         Date of closing

·         Contract contingencies such as appraisal, inspections and loan

·         Allocation of closing costs

·         Disclosure of agency relationships

·         Time frame for acceptance and delivery

Waiting for Acceptance Can Also Cause Stress

Are crossing your fingers behind your back, you will probably shake your hands with your sales agent and mutter about hoping for the best. But in reality, you are having butterflies in your stomach and you do not know if you will be able to rest through the night and only wondering if your offer will be approved and accepted.  No matter how you keep your mind off that offer, you still think what if the seller rejects your offer? What if a seller makes an unreasonable counter offer that is beyond your budget? All these thoughts and more can take over your thoughts. You can strategize and motivate your mind to stay focus.Here are some solutions:

·         Call your agent or trusted friend or family member who has recently bought a home and talk about your feelings and concerns.

·         Focus on something else that requires your undivided attention such as a computer game, reading a book or engage in exercise.

·         Tell yourself over and over that you cannot control the outcome; it’s up to the seller to respond.

Finally, Waiting to Close…Stress Again

You did not fail to do your homework, received a preapproval letter from the lender and paid for your appraisal. If the lender requires you to submit more documentations, do not attempt to question why, just submit it.During this period, all will be in the hands of your experienced agents. Always ask questions until it is finally clear. Whether you believe it or not, sales agents can make this process practically painless if you would depend on them.