What are the Hurdles for Home Buyers?
July 27th, 2009 categories: Real Estate Buying
Most buyers think the hardest part of real estate is finding the “perfect home”!
Truthfully the most difficult part of any real estate transaction is the time between signing the contract and closing.
Honestly there’re a lot of hurdles to jump before you get the keys.
Buyers can avoid some (but not all) of the stress by listening and following the timeline dictated by the contract. Some of the biggest pitfalls happen when buyers:
- Don’t have adequate funds in checking account to cover earnest money
- Fail to follow up with lender after loan application. Lenders usually require additional information or documentation and with all of today’s privacy rules may not contact your agent. YOU- need to stay in the “loan loop”
- Home inspections timelines are part of the contract. Any changed to the contract dates should be negotiated and signed off by sellers and buyers. Failure to inspect and submit addendum for “fixes” in a timely manner often leads to problems down the road.
- Purchase Home Owners or Hazard Insurance-lenders require borrowers purchase a one year policy of home owner’s insurance covering damage to structure. This has to be purchased prior to closing. Many buyers wait until the morning of the closing or confuse the insurance policy with a “Home Warranty” or “Title Insurance”.
- Plan ahead and transfer all the utilities to your name for the date of occupancy. (Some utilities still require a human to come down to the office and apply for service.)
- Make sure you understand the reasons why you should purchase title insurance (available at closing)
- Finally- the cashiers or certified check for closing should be made out to the buyers- who then sign over funds at closing.
According to data from the Multiple Listing Service of Greater Cincinnati, 1312 single family homes and condos (for Hamilton, Clermont, Warren and Butler Counties) have gone pending (under contract but not yet closed) so there are a lot a buyers working through contract to closing.
Jumping the real estate hurdles is easy if you plan ahead and keep pace.
If you need help getting to the finish line or would like to share your experiences- feel free to comment or email.
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Your observation was really very interesting and very informative. Thanks for the information. I learned a lot. I enjoyed reading it.