CBS Moneywatch reviewed a book by Ilyce Glink called "Buy, Close, Move In" that details some of the most overlooked items that can delay the purchase of a home, cause it to cost considerably more, or worse yet, kill the deal. The four outstanding ones, in my opinion are:
- Not understanding the new rules. The author says that the market has changed in the past 5 or 10 years. We just got a brand new contract this year, let alone changes in the laws.
- Your team. The two most important people in your life (after you) are your realtor and your lender. And you should have a full consultation with each before looking at your first home. This alone will save you countless hours and untold frustration.
- Not responding to your lender's requests. This can delay the loan's funding, putting you beyond the deadline for the close of escrow, and possibly into having to pay per diems. Your lender is on your team and is there to help you. If s/he needs to talk with you, then by all means make yourself available.
- Believing what you see/read on the internet. How many clients have challenged me on something because they saw it so on the internet? While your realtor can claim expertise, he or she certainly doesn't "know it all," but the internet is a place full of opinions. Even expert home searching sites are not accurate. There is no requirement for them to be so. Many times clients will call me to ask about a property they saw there and I have to tell them that it is already sold and that the sale may not be reflected there for another two weeks or so. I don't discourage my clients from looking on the internet, but I ask them to check the home's status with me first before planning on a showing.