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Home buying mistakes

On Behalf of | Dec 4, 2017 | Residential Real Estate

Many individuals and couples living in Delaware interested in purchasing a new home. It isn’t unusual, however, for prospective homebuyers to begin the process only for things to go awry when it comes to securing financing and closing the deal.

Many of the mistakes people make when buying a home are financial. One significant issue is that many people begin shopping for a home before they know how much of the mortgage they could qualify for. Financial experts generally recommend that homebuyers find a reputable lender and get pre-approved for a mortgage before searching for a home in earnest. After all, there are few things worse than falling in love with the home only to find that one simply can’t afford it.

Working with a reputable lender also is important. In some cases, sellers may refuse a reasonable offer because their advisers are wary of the buyer’s lender. Potential homebuyers also should be aware that there are closing costs that must be paid at the time that the sale is finalized. These can be significant and are often thousands of dollars, so a potential homebuyer should budget in these additional amounts.

Homebuyers will occasionally derail their financing by making major purchases or failing to pay bills on time during the purchase process. Even if a homebuyer has a preapproved mortgage offer, lenders will recheck credit reports before closing. Late payments or additional debt may cause the lender to withdraw or lower the preapproval offer.

People who are considering buying a home may benefit from speaking with an experienced residential real estate attorney. A lawyer may be able to review real estate contracts, mortgage options and negotiate on behalf of the homebuyer.