First-time Kenai home buyers are never truly prepared for the process of purchasing their first home. Even though reading all of the tips and tricks on buying a house is a great foundation, there is bound to be something that comes up.
Everyone has a different experience buying a Kenai house. Although this can sound discouraging, it does pay to learn as much about the process as possible. That is why Kenai home buyers will want to watch out for these mistakes when going through the process.
Do not go into the process thinking that a minuscule down payment is going to work. While there are some options for using a small down payment it does make it more difficult to buy a house. Plus, the lender is going to charge higher interest rates and the monthly payment will be higher.
Shoot for getting as big of a down payment as possible before starting the process.
Even when working with a real estate agent it is vital to be organized. If there are a few houses a buyer is looking at it is important to know what deadlines are attached to each one. Keep in mind that there are deadlines on pre-approvals from lenders, as well. Don’t miss out on a house simply because of disorganization.
People often get the suggested amount they can spend from their lender and look at homes priced at the top end of this amount. This is the wrong way to approach the process and certainly do not look at houses that are outside of the suggested budget. Even though some people are successful when haggling, that is not a guarantee.
Competing against other Kenai home buyers is stressful. Do not overextend to try to make the best offer money wise. Sometimes contingencies and earnest money make all the difference to a seller.
Before getting to the negotiation point make sure buying a Kenai house is the best choice for you. Buyers who back out last minute because they are unsure of their purchase are going to be disappointed if they do not get their earnest money back.
Not to mention, it is frustrating to start the process again after losing the perfect house.
The seller does not have to go with a certain buyer. Anyone that stands around thinking about a house for too long is going to see it sold before they can make an offer.
At the same time, do not make it too difficult for the seller, either. An unreasonable buyer is not someone that anyone wants to work with.
Avoid taking too much time booking an inspection. Even though inspections are needed, buyers are racing against the clock on the sales contract. If there are any major problems that need a second opinion be sure to schedule someone to come out the day that the inspection comes back.
A low appraisal is a disappointment for everyone. Homeowners are often offended that their Kenai house was appraised lower than expected and still want the buyer to pay the same amount. This means that if the buyer still wants the house, they will have to pay out of pocket to cover the difference.
One of the biggest mistakes a Kenai buyer can make is not getting pre-approved. Many people assume that they are going to be offered a certain amount by their lender and are blindsided if they are offered much less or nothing at all. Always go into the lender first and talk about a pre-approval before making an offer.