Mark Feder

Pacific Home Mortgage Funding Inc. San Diego, CA

  • Home
  • About
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Blog
  • Testimonials
  • Contact

Five Absolute Truths About the Home Buying Process That You Will Need to Come to Terms With

August 8, 2014 by Mark Feder

Five Absolute Truths About the Home Buying Process That You Will Need to Come to Terms WithBuying a home is one of the most exciting times that an individual will undertake in life. However, a property purchase is not without its challenges, and these can cause frustration. In this article we’ll share five potential setbacks that home buyers will need to understand and come to terms with to make a successful purchase.

Homeowner’s Insurance is Necessary

Most lenders will require insurance before financing is approved. To fulfill these requirements, the policy should be for at least one year and proof that the policy has been paid for must be presented. Purchasing the policy is something that must be done before closing can take place, so if you’re sure that this is the home for you, don’t delay.

Some Sellers Are Firm, No Matter What

In an ideal situation, the buyer and the seller come to a mutual agreement very easily. However, in most cases negotiation of some type is likely to be a part of the process. As with most negotiations, to reach success both sides will need to compromise.

Probate Properties Have Special Terms

When the original homeowner has died, there are certain considerations to keep in mind that do not typically apply to other types of property. One is the fact that there is a special process that must be completed before the property can be sold, even though the heirs may advertise the property as being for sale ahead of time. Another factor to keep in mind is that a recently probated property may have been uninhabited for some time and will be sold ‘as is’.

Loan Offers May Not Be Set in Stone

A common pitfall for many buyers is the assumption that home financing will be approved without issue. Unexpected circumstances may arise that cause a mortgage loan to be denied, which can cause an unprepared buyer numerous issues. Many sellers, in anticipation of such problems, have a contingency requirement.

Expect Caution from Sellers

If a seller treats your offer with caution or trepidation, don’t take it personally. Many homeowners have been burned during previous sales, and you have no idea what the seller has been through with potential buyers this time around. If someone is exercising caution, there’s likely a good reason for it.

Filed Under: Home Buyer Tips Tagged With: Buying a Home, Home Buying, Real Estate Tips

Mark Feder

Mark Feder

Mortgage Advisor
Phone: 858-337-1520
Fax: 800-919-8840

DRE #01210598 • NMLS #867081 Pacific Home Mortgage Funding
Company DRE #01926221 • NMLS #1018245
Real Estate Broker – CA – Department of Real Estate
Pacific Home Mortgage Funding, Inc.
4060 30th Street
San Diego, CA 92104

Get a Rate Quote →

Connect With Me!

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Previous Posts

Recent Articles

  • 3 Things That Will Absolutely Kill Your Chances for a Mortgage Approval
  • Mortgage Interest Rate Versus APR: What To Know
  • Navigating A Market With Higher Interest Rate
  • Understanding Mortgage Pre-Approvals and How to Avoid Being Declined for One
Equal Housing Lender

Categories


Pacific Home Mortgage Funding, Inc.
4060 30th Street
San Diego, CA 92104

Copyright © 2023 · Powered by MySMARTblog