- “I got a new job!”
Although obtaining a new job can be exciting, it can also impair your ability to get a mortgage approved. Your ability to obtain a mortgage or the conditions of your mortgage may be affected if you change employment while you are in the process of purchasing a property.
- “I made a house offer after attending an open house over the weekend.”
Attending open houses may be enjoyable, but it’s vital to keep in mind that your REALTOR is there to assist you locate the appropriate place for you. Making an offer without first talking to your agent can be confusing and may result in missing out on a better house.
- “All of my money is in an RSP.”
While saving money for a down payment is a terrific idea, it’s crucial to have access to that money when you need it. It could be challenging to get access to your down payment in time for the closing on a property if it is locked up in a retirement savings plan.
- “I am aware that the house requires extensive repair, but I refuse to pay for a home inspection.”
When purchasing a property, it’s important to have it inspected, especially if you think there could be problems that need to be fixed. Skipping the house inspection might result in expensive surprises later.
- “My buddy and I are not related or married, but we are considering buying a property together.”
Although it may seem like a good idea to purchase a property with a friend, you must keep in mind that this is a significant financial and legal commitment. Before making an offer, it is advisable to speak with a real estate attorney to clarify the conditions and expectations for all parties.
- “I don’t want to use a real estate lawyer. I’ll just handle the legal aspects of the purchase myself.”
The whole home-buying process, from examining contracts to ensuring a successful closing, can benefit from the critical advice and assistance of a real estate lawyer. This stage should not be skipped since doing so might result in future financial and legal issues.
- “I want to make a lowball offer on this house, even though it’s already priced competitively.”
While haggling over a home’s price is usually a good idea, it’s crucial to do it in a courteous and respectful way. By making a lowball offer, you run the risk of offending the seller and having them decline to cooperate with you.
- “I have saved 5% of the purchase price. Exactly.”
While having a down payment set up is a fantastic idea, it’s vital to keep in mind that there are additional fees involved with purchasing a property, such as closing charges and relocation expenses. It’s advisable to put up some additional money in case you incur unanticipated costs.
- “I’m not sure if I want to buy a house anymore. Maybe I’ll just keep renting.”
While it’s common to experience misgivings while purchasing a property, it’s crucial to keep in mind your original motivations. Talk to your REALTOR and go through your alternatives if you’re unsure.
- “Even though I’m a first-time buyer, my name is on the title to my parents’ house.”
Your ability to be eligible for a first-time homebuyer program or to take advantage of certain tax incentives may be impacted by the fact that your name is on the title of your parents’ house. It is essential to seek advice from a real estate attorney and tax expert before submitting an offer on a house.
In conclusion, it’s important to be transparent and communicate openly with your REALTOR.
