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15 Homebuying Headaches (and How to Prepare for Them)
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2017 Jun 24, 3:42am 1,239 views 4 comments
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Tenpoundbass
2017 Jun 24, 6:08am
I dealt with these two issues.
6. Your mortgage paperwork is out of control.
7. The home appraises below your offer.
I got my Mortgage during a time that Congress and Obama were pretending to give a fuck and pretending that Housing recovery meant more middle class got into homes.
They started a 1 form that was supposed to layout what your mortgage payment would be and your APR.I got an updated one of those every other day, because Congress was giving it a do over every time they got push back from the NAR. So as a result of me getting a new financial disclosure forms fresh new coppies of my latest bank statements and pay stubs, can't send what I sent last week must be new and current. For 3 months this went on.
Also I gave a 170K offer on the house, it came back from the bank as 160K I told the guy the deal is off. He said he would take it.
FortWayne
2017 Jun 24, 8:22am
I seen a lot of folks underestimate property taxes in CA. Those things get prohibitively expensive. The more government taxes, the less people can afford. Known a family that bought a house, but struggled with paying property taxes which they didn't count on. 10k in taxes a year is a lot if one is already stretched thin with mortgage payments.
Buying a home is one of the biggest financial decisions most Americans ever make, so it’s no wonder that it comes with a sizeable dose of anxiety.
Only if you are dumb enough to get emotionally involved in the process. If you treat a house as what it is, a big wooden box, then it's no problem at all. Between rentals and my own houses I've bought and sold a couple dozen houses. The key word is house, not home.
If problems pop up then either you can walk away or tell people to fix it. Everyone involved is making money on the process. If you say fix the problem or lose out then it's their problem.
Buying a home is one of the biggest financial decisions most Americans ever make, so it’s no wonder that it comes with a sizeable dose of anxiety.
Nearly three-quarters of potential homebuyers recently polled by Owners.com said that they expected stress with the buying process, with many citing financial aspects as the most concerning. Another recent survey by NerdWallet found that 42 percent of homebuyers found the process stressful, 32 percent called it complicated and 21 percent said it was intimidating.
With a transaction that involves so many moving parts and so many people, it’s impossible to control the entire process, and things rarely go exactly as you’ve planned. Still, some headaches in the homebuying process are more typical than others, and it can help to prepare yourself for them in advance.
1. Your credit score is lower than you expected.
2. Your mortgage application gets rejected.
3. You get into a fight with your partner.
4. You can’t find any houses you like.
5. You end up in a bidding war.
6. Your mortgage paperwork is out of control.
7. The home appraises below your offer.
8. Something pops up during the inspection.
9. The title’s not clear.
10. The seller wants to back out.
11. Your mortgage rate went up.
12. Your bank changes its mind.
13. Closing costs.
14. Your final walk-through doesn’t go smoothly.
15. You move in and find new issues.
More: This is a only brief overview in each of the above situations. http://www.thefiscaltimes.com/2017/06/21/15-Homebuying-Headaches-and-How-Prepare-Them
#Housing #RealEstate #Economics
Related: It's Never Been This Expensive to Buy a New House. http://www.thefiscaltimes.com/2017/06/23/Its-Never-Been-Expensive-Buy-New-House