For most people, a home purchase is one of the most important financial decisions they can ever make. As such, it is no surprise that a home purchase is characterized by loads of paperwork.
Every detail in the home purchase process does matter because, once you sign the sale agreement, you are bound by its terms. Any mistake you make during the home purchase process can be costly, to say the least. For this reason, it is in your best interest that you avoid the following mistakes when buying a home:
Rushing through the paperwork
It’s no secret that the average person’s attention span is amazingly shorter in the digital age, and reading through several documents may not be your biggest strength. This is understandable. However, it is extremely crucial that you understand every document – email correspondence between you and your lender, agents, home appraisal documents and any other document that comes with your home purchase.
Of course, it is a lot of reading. But keep in mind that you are buying a home – a sanctuary for yourself and the people you love. Those documents become binding as soon as you sign them. Therefore, take your time to read and understand what you are getting into.
Keeping people in the dark about major life changes
The home purchase involves several parties – you and your agent, the seller and their agent and the lender, just to mention a few. Your life doesn’t take a break just because you are buying a home. If you have changed jobs before finalizing the closing process, be sure to let your lender know. Simply put, do not withhold any information that is likely to impact the process.
A home purchase can be an exciting achievement. You’ve found the home of your dreams, and the seller has accepted your offer. However, a home purchase can also be a complicated process, legally speaking.