Buying a home is one of the most stressful times in your life! It’s a lot of money to spend and you want to be sure you’re being smart about it. With current housing conditions, most homes under $600k are moving very quickly so there isn’t room to sit around and debate your decision for a few days or it will be gone. Bidding wars are a common occurrence and houses are selling at and over asking price. If you can avoid making these mistakes, the process will be a lot smoother and less stressful, and you’ll have a better chance of getting that dream for you and your family!
Before Making an Offer
Get pre-qualified to know how much you can afford
Check your credit score and fix any errors that might be on there
Take the time to raise your credit score if it’s not higher than 650
Choose the RIGHT lender. Not all lenders are equal. Some will be a better fit for you and be able to help you more and close faster than others. Your agent usually will refer you to ones that they have worked with and are solid people to trust.
Spending all of your money on your down payment and closing costs. Always have an emergency fund.
Lacking vision. Doing upgrades can be less expensive than buying a house with the complete package.
Indecision. A house you loved today and are thinking about buying might already have an offer being written from the person who loved it yesterday.
Waiting longer than 24-48 hrs to see a home in Denver that just hit the market. In our highly competitive market, over 60% go under contract in seven days or less.
Not choosing an agent. Get professional help. They are the experts in contracts, negotiations and knowing the market.
Make sure to get a feel for the neighborhood. Walk the area, talk to neighbors, look at the upkeep of houses and yards nearby to get an idea of who would live around you.
After Making an Offer
Turn in your Earnest Money on time. If you wait to long, the contract will be terminated.
Don’t make any large purchases before closing that will change your credit.
Make sure to go all in on inspections. This can make or break a deal and you’d hate to find issues after you close because you thought new construction couldn’t have issues.
Do all the tests necessary on top on inspection: check the home for mold; get it meth tested if there were ever renters there; do a sewer scope, double check all systems are in working order!
Sign all disclosures or the contract can be terminated.
Make sure your lender orders appraisal on time to make the deadlines work.
Have an agent who is on top of everything and communicative with you during the whole process.
Don’t let simple mistakes keep you from the home of your dreams! Contact me with any questions or concerns!