Q: What are the biggest home-buying mistakes?
A: After the buyers' offer has been accepted and escrow has been opened, we have found the following mistakes that buyers sometimes make:
(1) Buyers fail to read all the loan documents, inspection reports and disclosures provided to them.
It is very important that the buyer read and review all of the paperwork they receive, and ask questions of their Realtor, loan officer, title and escrow officer, and inspectors, and make sure they are completely comfortable and understand everything they have received - it is a lot of information.
(2) It is important the buyer maintain their financials in the same state they were in when they were preapproved for their home purchase. Some of the items that can come up are increasing credit card debt, buying a car or making another large purchase, changing jobs, or incurring derogatory remarks on their credit report. They should make sure to check in with their lender before making any career or major money moves.
(3) Don't delay. It can't be stressed enough how important it is to get needed and requested documents to the mortgage broker, and review all disclosures and obtain estimates for repair early on in the escrow process.
Above all preparation and planning is key - so by avoiding the above issues, the transaction can be a smoother and more seamless one!