Five Mistakes Maine Home Buyers Make.
Five mistakes Maine home buyers make that hurt or derail the property sale.
Number one is going shopping and expecting to buy when no one brought in the banker upfront that is needed at the Maine real estate closing. Unless a cash sale situation.
If not bank loan pre approved, not in a position to buy, browsing is great, part of the “home work”.
But getting excited, telling your Mom, Dad and all your family and friends you are buying a Maine home is cart before the horse thinking.
Maybe you are just not ready. Timing is everything in life, real estate buying and selling too. Find out up front. Going in.
So number one for mistakes Maine home buyers make in buying a house is not being sure they can actually purchase.
Just not ready. With loose ends fixed first. That stall, delay, derail the let’s buy a Maine home today.
Pre-approval with a good faith written estimate of Maine real estate closing costs. Just makes you the buyer less worried. Removes the sleepless nights as a buyer of a Maine home. Sick to your stomach, obsessing, tossing and turning. “Will we have enough, are we going to be short” with the funds needed to bring to closing. That’s no fun not knowing for sure.
Number two for Maine home buying mistakes is when you are approved for this amount, for a place that will fit this loan program, looking at properties twice that amount.
Thinking your ability to buy, spending limit is what dictates the value of a home in Maine.
Expecting the seller to just carve out $20,000 and feel the same way too.
Not unlike being able to afford a Yugo, Pinto, Gremlin or Vega.
But let’s go after the keys to a Porsche, Ferrari, Lexus thinking anyway.
Hoping it will somehow miraculously work out fine and dandy. It will not.
Waste of emotion, everyone’s time and expectations are just out of whack.
You need a starter home when a first time house buyer in Maine. Not the end all, luxury pad a bank will deny the home mortgage loan on.
The third mistake Maine home buyers make is if they already own a house, that the seller of the new one will wait.
As long as it takes for their existing home to sell.
No they won’t and often feel gee. Now we are selling two homes.
The contingency on another home sale happens.
But is more apt to stick and work out when the other home the buyer of this new one owns is listed, under contract. Close to closing.
Everything could mess up and derail the home sale like dominoes. But at least everyone in the room will know pretty soon if that other sale flies or not. Because of being already so far into the movie.
The fourth mistake Maine home buyers make is when purchasing a house they can afford that automatically the seller will make the one by one changes on the appraisal report.
There is a reason this home in Maine is in this price range. It may be a $40,000 Maine home that needs a new roof in two years, heating system right away and other updates to paint, windows, etc.
If it had all those renovations, it would not be a home you can afford.
Parked in a new space in a higher search engine price bracket online.
Fifth mistake Maine home buyers make?
You are all approved, a shoe in for a program for the Maine home loan and then you go out and buy something.
That messes up your debt ratios, suddenly you can not afford the Maine home under contract.
The deal dies because of that new car loan, bedroom, dining room set.
Don’t spend any money unless the banker, mortgage lender says you need to clean up this bill.
Don’t expend funds thinking this will help. It may not and now you are short on cash for the closing.
Obviously being served with divorce papers, getting a pink layoff slip from work happens. But overspending means better develop better impulse control. To not just whip out the plastic, write another check, then another in rapid success.
Expectations, the Maine real estate broker, agent, REALTOR is the generator of what the buyer or seller should be thinking is going to happen.
What might transpire and a little education on why.
So when this, this and that do happen it is not such a big sucker punch surprise.
They knew this could happen and why.
Might not be so cranked up about the turn of events but don’t blame the real estate professional.
Like the Doctor who says you may have a terminal illness.
A lawyer who says you are going to jail unless…. listen to them, their advice.
They do this for a living, not so emotionally involved. Will gladly walk you through the steps and determine is the timing right for a Maine home loan? And what do you need all lined up, in place to actually be able to be in a position to buy a Maine home… NOW ?
207.532.6573 | [email protected] | MOOERS REALTY 69 North Street Houlton ME 04730