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July
26
26
5 Things That Can Jeopardize Closing on Your New Home
There's nothing more frustrating than watching the home-buying process get derailed at the last minute. Our real estate agents have seen it happen.
On the bright side, surprise factors that jeopardize closing on your new home are usually pretty easy to avoid – and we're here to help you avoid them. These are the five biggest things to watch out for while you're in the process of buying a house.
- Making Expensive Purchases
If you've been pre-approved for a mortgage, found your dream house, and had your offer accepted, you might be tempted to go out and splurge – maybe on an expensive sofa or a new dining set for your new digs. Not so fast! Making big purchases on credit right before closing can throw your finances all out of whack, right around the same time that your lender is re-reviewing your credit score to make sure nothing has changed. Wait until you have the keys in your hand before you shell out for that new furniture. - Coordinating All Parties
Some things are simply out of your control, like getting all the necessary parties to appear in the same place at the same time on closing day. Having the buyer, seller, attorney, lender, title company representative and closing agent all show up without anybody canceling or getting delayed is easier said than done, and often results in closing being pushed back to a later date. Do your best to coordinate everybody's schedule, but be prepared to roll with it if somebody drops out. - Appraisal Disparities
You probably got pre-approved for a mortgage way back at the beginning of the home search process, but pre-approval does not 100% guarantee that you'll get that amount. First, the home you intend to buy must be appraised, and if it turns out to be worth less than anticipated, your mortgage will have to be re-negotiated. This usually isn't a catastrophic setback, but it could cost you some time. - Changing Jobs
Lenders verify your employment and earnings history as part of the approval process for a mortgage, and most will require two years of steady employment and income. The lender will re-check all this information before closing, so switching jobs, quitting your job to become self-employed, or starting your own business might throw up a red flag. It's better to wait until after the buying process is complete. - Buying and Selling at the Same Time
Unless you're becoming a homeowner for the first time, chances are you're juggling buying a new home and selling your old one. For that matter, the person you're buying from is probably doing the same. That's a lot of moving pieces to keep track of, and not everything always works out according to schedule. In some cases, securing a mortgage is contingent on the sale of your previous home, which can throw a wrench into your plans if that home didn't sell as quickly as you'd hoped. Make sure you understand any contingencies on your home loan and talk to your agent about how to balance selling your old home and buying a new one.
Contact us today to learn more about the home buying process – including how to navigate through it, and what to avoid. Our team at Sprague & Curtis Real Estate has years of experience helping our clients find the best Augusta homes for sale.