10 home buying mistakes to avoid!
I am going to teach you the 10 biggest mistakes to avoid during the home buying process.
not being pre-approved before you go and buy a house. A realtor doesn’t even want to show you houses unless he knows your pre-approved. How does he know you don’t have a 450 FICO score? You can’t buy a house like that unless
you’re buying in all cash. So, we need to make the simple process work.
Your pre-approved for a 350,000-dollar purchase and you want to see 400,000 dollar houses. It doesn’t make sense, and it’s going to make things very difficult for you, on the realtor
on everybody. So, we want to stick within the affordability range what you feel comfortable with paying and what you can get approved for.
Mistake #3. Using the wrong realtor.
Here’s a perfect example I had a relative who told me, “I’m going to use my friend to buy the real estate.” Ok, great, tell me about your friend the real estate agent. ” well, she just got her license.” No, that’s not somebody who can protect you. Call me, and I will find the right realtor who knows the business, who’s going to find you the right houses at the right price range and knows how to negotiate on your behalf. Don’t make that mistake.
Don’t fall in love with the house that is on the market. What happens is there are 7 to 10 offers on every single home out there. So, if you fall in love with this house, be ready for a biddy war, be prepared for it not to work out, so don’t fall in love too early, that’s important.
Mistake # 5
Make sure you have what you say you have. Perfect example, “Chris I have $30,000 in my 401K”. How much can you take out of that 401K? “$30,000”. well, very often you can and very often you can’t, it depends on a number of situations,
don’t make assumptions.
Calculating your payment on a website like Zillow or Realtor.com. Hey, Zillow said my payment would be $1,400. It doesn’t take into account mortgage insurance, property taxes and homeowners insurance and
a whole bunch of things that need to be accounted for. So, when it comes to getting approved when it comes to knowing the numbers, you talk to the pro.
Hey, I’m about to buy a house so I might as well buy a car as well, not a good idea. Don’t buy anything, don’t lease anything, don’t add anything on, don’t charge things on credit cards, don’t take cash out of your credit cards for the down payment,
you’re not allowed to do that by the way. So, there are many things here. Don’t spend money.
Don’t change jobs in the middle of the process without letting me know. Sometimes people just quit a job, start a new job and forget to tell us. Can’t do that, we need have to verify everything. We have to verify the old job, the new job, the new income, the old income.
It’s a different process if it’s an old job. So, we have to know these things, no surprises. You make surprises you may not be living in the house you own.
Cash! Cash is a four-letter word. You know the expression, ” four letter word”? It’s not a pleasant expression. Cash is a four-letter word. Do not put cash in the bank. Because we then can’t use it for 2 months.
People say, “well how do I get cash in the bank”? Call me, we have ways to do it that are legal, legit but you can’t put cash in the bank. The government who is going to insure the loan (FHA is insuring the loan) the government what they are going to do is ask where the money came from and if you can’t prove where it came from they don’t know if it came from al Qaeda or El Chapo. They have no idea if your funneling money through you. They don’t know you. I think you’re a great guy, but they don’t know who you are. Don’t put cash in the bank.
The biggest mistake that people make is they don’t call Chris the mortgage pro. They go to somebody else, Charlie who got his license last month, they go to the bank, those guys didn’t even pass the test to get a license, they don’t need to cause
they work for the big bank. Call Chris the mortgage pro; I will sit down with you I will help you I will hold your hand through the process and together we’re going to “Fire Your Landlord.”