Please read and refer to this throughout your transaction!

    Top Mistakes Made

  1. Continuing to look, even after a contract is accepted.
  2. Waiting for prices to drop more.
  3. Rushing the process or waiting too long to make an offer.
  4. Waiving contingencies.
  5. Using more than one agent.
  6. Not being pre-approved for a loan prior to viewing properties and definitely before writing a contract.
  7. Not getting an inspection.
  8. Making an unreasonable offer.
  9. Changing or quitting jobs or divorcing during the contract period.
  10. Not disclosing all income sources to the mortgage lender.

    Be Prepared

  1. You may not be told how much money to bring to closing until the day before your closing and many times only hours before the day of closing. 
  2. The dates on your contract will most likely change, perhaps multiple times. The dates are a "guestimate" and subject to many variables (attorney timetable). 
  3. You will become anxious or nervous - CALL ME! 
  4. You will become irritated or annoyed about frequent and last minute paperwork requests with seemingly impossible deadlines - CALL ME! 
  5. The mortgage company will most likely pull another credit report on you days before or even the day of your closing. 
  6. Do not make purchases over $200 without talking to your lender. 

    Things You Should Absolutely NOT DO!!!

  1. Don't quit or change your job. 
  2. Don't make large deposits (all funds need to be traceable) - ask your lender. 
  3. Don't speak with sellers directly (loose lips sink ships).
  4. Not telling the person who is giving you the gift that you will probably need a gift letter and proof they had the money to give (usually a bank statement).
  5. Not telling me if you are allergic to animals. 
  6. Not being completely honest with your lender about child support, alimony, wage garnishments or any other payroll deductions.
  7. Don't make any major purchases over $200 without talking to your lender.
  8. Don't get advice from a buying committee that has not purchased in the last year (the rules change almost daily).
  9. Don't wait to see everything else that is on the market. 
  10. Don't insult the property in front of the owners. 
  11. Don't call the listing agent on For Sale signs.  You are represented 100% by me.
  12. Failing to announce you are represented by me at open houses and new construction. 
  13. Don't forget to tell me if you have a house to sell before you can purchase. 
  14. Don't delay paperwork because you are irritated by the frequency and number of requests from your mortgage company. 
  15. Don't find a lender on the internet that offers a 0.001 interest rate and/or is outside of the area.  (Old rule: If it sounds too good to be true it probably is).  A list of local lenders will be provided.
  16. Don't forget....it is possible to find what you are looking for the very first day you go out (this happens more than you think).
  17. Don't go home to sleep on it.  (In a hot market, if you sleep on it, you might not get to sleep in it). 
  18. Don't wait to find the absolute PERFECT house. You will always be limited by income zoning, inventory at the time and/or legislation or property taxes.
  19. Don't forget the 80/10/10 rule: If you find a house that has 80% of what you are looking for, 10% of things you can change and 10% of things you can live with; it is a keeper.
  20. Don't close any credit card accounts unless your lender instructs you to. 
  21. Don't apply for new credit of any kind. 
  22. Don't consolidate any debt unless lender instructs you to. 
  23. Don't fail to make payments on any existing accounts. 

    Frequently Asked Questions

  1. How long does the buying process take? Typically 45-60 days, but sooner if a cash transaction.
  2. Will I get my earnest money back if the contract is not accepted? Yes.
  3. What is the process to get my earnest money back if the contract is accepted and the home inspection finds an issue? Termination of Contract and Release of Earnest Money forms signed.
  4. Should I lock in my interest rate or should I float? Ask your lender what is best for your situation.
  5. When will I get the keys? At funding.  Once the transaction has funded, which could be a day or two after you sign papers.
  6. Do I need a photo ID at closing? Yes. 
  7. How do I pay at closing? Cashier's Check or Wire Funds. No cash or personal checks.
  8. Is the closing date on my contract guaranteed? No, but we strive to achieve.
  9. What monies will I need to come in with? Discuss with your lender and title company.
  10. How long does the home inspection take? 2-4 hours.
  11. Do I really need a home inspector? I will always recommend that you do.
  12. Can you recommend an attorney, home inspector or a lender? I will provide a list, but you may seek out your choice.
  13. How much should I offer? A market analysis will guide you. 
  14. When should I make an offer? As soon as you realize you want to purchase the property. 
  15. How many homes does the average buyer look at? 4 - 6.
  16. How often do you find the perfect property on the first day (80-10-10 rule)? 75%
  17. 80-10-10 Rule: If you find a house that has 80% of what you are looking for, 10% of things you can change and 10% of things you can live with it.
  18. What is the likelihood of a multiple offer situation? Possible. 

Susan Brown
Susan Brown
Associate