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As we head into the summer months, the hottest time for buying and selling a home is here. Although it’s a great market to get a deal done in, there are plenty of ways for your deal to fall apart. Here are six areas to focus on so you make sure that doesn’t happen to you:
1. Credit: A lot of loan officers and Realtors forget to have important discussions about credit with their buyers. If you've been pre-approved for a home loan, you should not be using your credit card to make any large purchases. It could affect your credit score or your debt-to-income ratio just enough to cause your loan to be denied.
2. Home inspection: A home inspection helps both buyers and sellers figure out what is wrong with a home. If defects aren’t well explained by an inspector, they may be overblown. Buyers and sellers need to work together to compromise on who is going to pay for what fixes.
3. Pre-qualification letter: This letter means nothing if you don’t have a proper pre-approval. They will go into your credit and income more in-depth in the pre-approval.
4. No money: When you don’t have a proper pre-approval, you don’t realize how much cash you’ll need for the transaction. You’ve got to pay for fees, inspections, closing costs, and have cash reserves. If you run out of money, your loan will get denied.
5. Not keeping calm: When you don’t have a level head, you are much more prone to making personal or irrational decisions that aren’t in your best interest.
6. Cold feet: After the excitement fades away, many buyers get cold feet when they have to write a check for closing costs, appraisal, and more.
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Although it’s a great market, there are plenty of ways for your deal to fall apart.
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Any of these six problems can cause a deal to go by the wayside. We just want you to be prepared and have the right expectations throughout the process. If you are thinking about buying or selling, give us a call or send us an email. We would love to hear from you!
