Since buying my house the housing market has gone absolutely haywire because of the pandemic! (I already thought it was crazy when I bought mine!) I've had a few friends reach out to me and ask about buying my house, so I typed up some of the highlights for a post...here they are:
Reading is Fundamental.
Read everything! This is the largest, most important purchase you will make in your lifetime. (Besides your education, and you probably read the promissory note if you took out student loans, too.) I read all 50 pages on my mortgage application, jotted down a list of questions, and called the mortgage broker before I signed the mortgage application and sent it back. If the bank isn't willing to take your call and answer your questions, they don’t deserve your business.
Read your offer and make sure everything you want to include is there. Any special light fixtures, furniture, lawn ornaments, or sheds? Make sure it is there. The seller can always counter if they disagree, but you should never assume something is included. Generally, things that are permanently attached to the house are considered "fixtures" and included in the sale. It's better to clarify this in the offer than be surprised in the walk through on closing day that suddenly you won't be getting the chandelier.
Take your time. You’ll feel rushed to get an offer in, but take time to read the whole thing (it can run 15 pages). Make sure any contingencies are included, especially the contingency related to your earnest deposit in case you need to back out if your inspection does not go well. Many people are waiving contingencies right now in a rush to buy, but you should be very careful about this: weigh the age and condition of the house, against your handyman skills and the rest of your monthly budget before you do this! Stuff adds up fast, especially because the cost of tools and building supplies is soaring!
Read your mortgage application to make sure everything is correct. This will be the blueprint the bank uses to run a hard inquiry on your credit, and build your loan.
Call in the Pros.
When you looked at the home, the listing agent should have presented a seller disclosure statement that informed you what the current condition of the house is. The you'll get your home inspected- the buyer pays for home, septic, and well inspections to verify the condition of the home.
The buyer pays for home inspections so they can get a fair opinion of the home- if the seller did this, it would be a conflict of interest.
After you receive these reports, you have the option to go back to the seller and request repairs be done or credits for any repairs as a part of the negotiation. (I didn't do this.) Sellers aren't obligated to fix or credit anything for you, these inspection reports are really just for you to get more information about the house and verify the seller disclosure.
WAIT, VERIFY, AND DON'T BUY ANYTHING
You're not technically in the clear until you close, so don't go buy a car or change jobs! My lender was pretty laid back about this, but some lenders will wait to verify everything the day before your closing. Closing is when you formally sign the papers for your mortgage, title, and the seller gets paid.
Go to your final walk through to make sure everything you wanted is at the house the day day you close. If there is something wrong, don't close! Once you close, it's your problem to fix.
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