Stay Calm!
Buying a home can be exhilarating, especially the first time. The real estate agent and the loan officer are so friendly, patient, and helpful. There is excitement in the air as friends, family, and neighbors offer congratulations, best wishes, and even premature farewells. And let’s face it: who doesn’t like to shop? But after those first few signatures are dry, the home buying process can get tough…and then tougher.
The home buying process today is more complex than it was in the past. Changes in real estate laws, lending guidelines, and the real estate market in general can conspire to make what should be a fun, joyful time seem like a what-have-I-done-to-deserve-this experience. Stay calm…take a deep breath. You really can do this!
Here are a few things you will need to do to get ready for the home buying process:
Be patient. No doubt about it—the home buying process will take longer than you think it should. (This is not like buying a car.) From decision day to move-in day will be at least six to eight weeks, perhaps longer. Do not make the mistake of thinking you can close and move in less than a month. Unless you are paying cash, that just ain’t gonna happen.
Be disciplined. It takes several professionals to get you through the home buying process, and you will need their expertise. Follow their instructions very carefully. If you do not understand something, just ask. Do not make assumptions and do not deviate from the instructions they give you. Do not listen to well-meaning advice from friends, family, or your Uncle Bob who is a retired real estate agent…put yourself in the hands of your home buying team and do not be distracted.
Be timely. There are serious deadlines in a the home buying process, and they must be met. Interest rates can change without warning and contract terms have consequences. That document that you put off signing until tomorrow can cost you big money and can even cause the entire transaction to collapse.
Be organized. The home buying process requires documents from several sources, and they are all critical. Someone will ask you to submit something that you think you have already sent—just send it again. Set up a file with sections for contracts and addenda, loan documents, inspection reports, and perhaps other categories. Keep detailed notes of names, telephone numbers, email addresses of everyone you speak with and the dates and times of each interaction. You will be very glad you did.
Be strong. The home buying process has the potential for frustrating things to happen. Some of the questions that loan officers will feel like an attack on your integrity. Documents really do get lost and have to be resubmitted, and it’s no one’s fault. Mistakes happen—there are too many human beings involved! When these things happen, try not to take it personally. Take a deep breath, do what needs to be done, and keep your eyes on the prize—that beautiful new home.
The home buying process has changed, but if you go into it with reasonable expectations and some mental preparation, you will be just fine. As a Century 21 agent, I am fully prepared to help you get through it!
