Good Stuff Moving Tips for First Time Home Buyers Part 3
Good Stuff Moving Tips for First Time Home Buyers Part 3
Good Stuff Moving Tips for First Time Home Buyers Part 3
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- Tips for First Time Home Buyers Part 3
In parts one and two of our series we talked about the first steps in the home buying process, getting your credit in order, deciding what you want in a house and what you can afford as well as shopping for a mortgage. In this post we wrap up with tips and things to watch out for while closing escrow on your first new home.
Hire professionals to help
Now that you have your loan and have found your house it’s time to make the deal. You may be tempted to avoid hiring a lawyer to save money. However, most experts advise against this. During the sale contract process there will be offers and counter offers in addition to highly complex legalese. Professional representation will help to protect your interests, ensure the paperwork is correct and that all parties understand the terms.
Don’t skip the inspections
Your lender will probably require both a regular home inspection as well as a pest inspection. Even if they don’t require it hiring a professional house inspector and pest inspector is in your best interest. One of the common mistakes first time homebuyers make is skipping the inspection process to save money. This is a bad idea. The inspection process protects you the buyer. No matter how much you love the property if it has infrastructure issues or is riddled with termites it’s not worth the investment.
Protect yourself in today’s home buying climate
With the many upheavals we have seen in the housing market recently protecting yourself is vital. Because of the epidemic of foreclosures, lost titles and fraudulent paperwork many buyers have lost their down payments when the sale falls through.
Generally the title company (your lender) will require a title search and insurance against the sale falling through. A title officer will search the title to make sure there are no “clouds” on the title like leans, taxes or other owners who might challenge the sale. However, this insurance policy doesn’t protect the buyer or their initial investment, it protects the lender. Experts advise getting double title insurance. This second insurance policy will protect your equity and fund a defense against challenges to the title. In addition to challenges any number of clerical errors can delay or stop the sale.
Another common reason a sale can fall through is in the appraisal process. Your lender will request an appraisal of the property at your cost. If the appraisal is lower than the selling price the buyer can get a second appraisal, pay the difference out of pocket or try to renegotiate with the seller to lower the price. If neither option works the double title insurance will help to protect your investment.
The home stretch
Once you are in escrow you are close but by no means done. This is when the real pressure kicks in. Buyers must make huge financial decisions in rapid succession and the experience can be overwhelming. Educate yourself on the process of buying a home from beginning to end before you actually begin. The more familiar you are with the legal jargon that makes up the mounds of paperwork required, the easier the process will be.
The professionals at Good Stuff Moving have been privileged to help thousands of families move into their first home. We celebrate first time homebuyers and strive to ensure your move is stress free. Give Good Stuff Moving a call when you close on your first home or anytime you have a move.
Are you in escrow or did you just close on your first home? Share your experiences with us in our comment section below.
Check back for our next post on how to spot a scam when hiring a moving company.
Share with friends
Our Services
Give Us a Call
651-488-4808
Request a Quote
Fill in our Form
Send us an Email
info@goodstuffmoving.com
Got Questions?
- Tips for First Time Home Buyers Part 3
In parts one and two of our series we talked about the first steps in the home buying process, getting your credit in order, deciding what you want in a house and what you can afford as well as shopping for a mortgage. In this post we wrap up with tips and things to watch out for while closing escrow on your first new home.
Hire professionals to help
Now that you have your loan and have found your house it’s time to make the deal. You may be tempted to avoid hiring a lawyer to save money. However, most experts advise against this. During the sale contract process there will be offers and counter offers in addition to highly complex legalese. Professional representation will help to protect your interests, ensure the paperwork is correct and that all parties understand the terms.
Don’t skip the inspections
Your lender will probably require both a regular home inspection as well as a pest inspection. Even if they don’t require it hiring a professional house inspector and pest inspector is in your best interest. One of the common mistakes first time homebuyers make is skipping the inspection process to save money. This is a bad idea. The inspection process protects you the buyer. No matter how much you love the property if it has infrastructure issues or is riddled with termites it’s not worth the investment.
Protect yourself in today’s home buying climate
With the many upheavals we have seen in the housing market recently protecting yourself is vital. Because of the epidemic of foreclosures, lost titles and fraudulent paperwork many buyers have lost their down payments when the sale falls through.
Generally the title company (your lender) will require a title search and insurance against the sale falling through. A title officer will search the title to make sure there are no “clouds” on the title like leans, taxes or other owners who might challenge the sale. However, this insurance policy doesn’t protect the buyer or their initial investment, it protects the lender. Experts advise getting double title insurance. This second insurance policy will protect your equity and fund a defense against challenges to the title. In addition to challenges any number of clerical errors can delay or stop the sale.
Another common reason a sale can fall through is in the appraisal process. Your lender will request an appraisal of the property at your cost. If the appraisal is lower than the selling price the buyer can get a second appraisal, pay the difference out of pocket or try to renegotiate with the seller to lower the price. If neither option works the double title insurance will help to protect your investment.
The home stretch
Once you are in escrow you are close but by no means done. This is when the real pressure kicks in. Buyers must make huge financial decisions in rapid succession and the experience can be overwhelming. Educate yourself on the process of buying a home from beginning to end before you actually begin. The more familiar you are with the legal jargon that makes up the mounds of paperwork required, the easier the process will be.
The professionals at Good Stuff Moving have been privileged to help thousands of families move into their first home. We celebrate first time homebuyers and strive to ensure your move is stress free. Give Good Stuff Moving a call when you close on your first home or anytime you have a move.
Are you in escrow or did you just close on your first home? Share your experiences with us in our comment section below.
Check back for our next post on how to spot a scam when hiring a moving company.
Share with friends
- Tips for First Time Home Buyers Part 3
In parts one and two of our series we talked about the first steps in the home buying process, getting your credit in order, deciding what you want in a house and what you can afford as well as shopping for a mortgage. In this post we wrap up with tips and things to watch out for while closing escrow on your first new home.
Hire professionals to help
Now that you have your loan and have found your house it’s time to make the deal. You may be tempted to avoid hiring a lawyer to save money. However, most experts advise against this. During the sale contract process there will be offers and counter offers in addition to highly complex legalese. Professional representation will help to protect your interests, ensure the paperwork is correct and that all parties understand the terms.
Don’t skip the inspections
Your lender will probably require both a regular home inspection as well as a pest inspection. Even if they don’t require it hiring a professional house inspector and pest inspector is in your best interest. One of the common mistakes first time homebuyers make is skipping the inspection process to save money. This is a bad idea. The inspection process protects you the buyer. No matter how much you love the property if it has infrastructure issues or is riddled with termites it’s not worth the investment.
Protect yourself in today’s home buying climate
With the many upheavals we have seen in the housing market recently protecting yourself is vital. Because of the epidemic of foreclosures, lost titles and fraudulent paperwork many buyers have lost their down payments when the sale falls through.
Generally the title company (your lender) will require a title search and insurance against the sale falling through. A title officer will search the title to make sure there are no “clouds” on the title like leans, taxes or other owners who might challenge the sale. However, this insurance policy doesn’t protect the buyer or their initial investment, it protects the lender. Experts advise getting double title insurance. This second insurance policy will protect your equity and fund a defense against challenges to the title. In addition to challenges any number of clerical errors can delay or stop the sale.
Another common reason a sale can fall through is in the appraisal process. Your lender will request an appraisal of the property at your cost. If the appraisal is lower than the selling price the buyer can get a second appraisal, pay the difference out of pocket or try to renegotiate with the seller to lower the price. If neither option works the double title insurance will help to protect your investment.
The home stretch
Once you are in escrow you are close but by no means done. This is when the real pressure kicks in. Buyers must make huge financial decisions in rapid succession and the experience can be overwhelming. Educate yourself on the process of buying a home from beginning to end before you actually begin. The more familiar you are with the legal jargon that makes up the mounds of paperwork required, the easier the process will be.
The professionals at Good Stuff Moving have been privileged to help thousands of families move into their first home. We celebrate first time homebuyers and strive to ensure your move is stress free. Give Good Stuff Moving a call when you close on your first home or anytime you have a move.
Are you in escrow or did you just close on your first home? Share your experiences with us in our comment section below.
Check back for our next post on how to spot a scam when hiring a moving company.