We Lost the House...What to Do When Your Dream House Falls Through

There Goes Our Dream Home!

Nothing is more heartbreaking than to find the perfect house and lose it in the bidding or contract negotiation process. Unfortunately this scenario happens more often than we like in home buying. Still, there are some helpful hints that can help you crawl out of the lost home dilemma and get you into your dream home.

Get a Pre-Approved Home Loan!

Homes with great features, pricing and location are usually not on the real estate market very long. Having your pre-approved home loan will not only solidify your budget but can be a great negotiating tool. Pre-approval signifies to home sellers that you are serious about purchasing and the sale may move quickly.

Be Realistic in Your Search

A house with excellent upgrades and features will cost more. If you have a "dream" home in mind, do your research. Know what your "must haves" are and what your budget can afford. You may find that shopping a bit further out in location can net you a home with more features and will still leave some money in your wallet. 

Do Your Research

Whenever possible know the home you are visiting before your step in the door. Ask your realtor for information on the homes you plan to tour and review the properties online beforehand. If a home has been on the market for a while it could alert you that the property has some potential issues (found in home inspections) OR that the owners may not be as committed to selling as you would hope.

*Keep in mind that your realtor may advise you to tour a home that is fresh on the market and has been newly posted...do not let research hold you back in these cases.

Do Not Try to Low Ball

A great home loaded with features in a prime location will not last on the market long. Do not hinder yourself by trying to negotiate for a lower purchase price if the home is being offered for sale at a fair rate. Also, be prepared if you really want the house you may end up in a bidding war for it. Put your battle gear on.

Do Not Count Yourself Out

I once knew a family who had placed a bid for a house and they lost to another buyer. They were very sad but I told them to keep looking and not lose faith. In the end, the sellers' first buyers could not get loan approval and since the buyers I represented were next on the list AND already had a pre-approved home loan...they ended up with the house. 

Searching for the perfect home can be a bit daunting but enjoy the ride. When you are armed with a great budget, a pre-approved home loan and realistic expectations you may find your dream home literally falls right into your lap.

If you need help finding your dream home or making your house the perfect home for new buyers please visit my site at http://www.pamsantoro. com/. 

You can also contact me at 678-656-6627. As an experienced member of both the National and Georgia Board of Realtors, I can answer any questions you have about local market conditions, financing or selling your home for the best market value.

Remember, no one sells a home like a Mom!

Images courtesy of:Stuart Miles@freedigitalphotos.net, Renjith Krishman@freedigitalphotos.net and Morguefile Photo

Closing Delays: How Can It Be Avoided?

For a home buyer, there is nothing more frustrating than experiencing a closing delay. After making sure that all the documentation is in order and making all the arrangements for the moving day, not being able to get the keys and move in to your new home can be a nightmare. Don't let this happen to you. Consider these tips to help you avoid having your closing date put off.

4 Useful Tips to Avoid Closing Delays

Communicate. 

Most closing problems can be avoided by keeping the communication lines open, so check with your lender on a regular basis. Also, don't hesitate to contact the settlement company if there is anything that you don't understand.

Have enough money. 

To avoid any delays, you should have enough funds in your bank account to cover your closing costs. Most experts agree that you should budget 3% of the final home price for this. Your lenders can give you a rough estimate of your closing costs but this may change on the day of the closing. Have some extra money to cover for any incidental costs for good measure.

Check your documents.

Any incorrect, misspelled or missing information in your documents can cause closing delays, so check all of the information carefully prior to closing.

Bring a valid ID. 

Without a valid government-issued ID, the title company will not notarize your signature on the closing documents, so don't forget to bring a current driver's license or passport on closing day. You wouldn't want something as simple as this to prevent you from getting the keys to your new home, right?  

Buying a new home can be a very exciting time for your family, so follow these tips and you can be sure that closing delays wouldn't get in your way.

For more valuable tips on selling or buying a home, please visit my site at http://www.pamsantoro.bhhsgeorgia.com/. You can also contact me at 678-656-6627 if you have any questions about local market conditions, financing or anything that can help you with in your search for real estate.

Photo courtesy of fantasista at freedigitalphotos.net