I will NEVER AGAIN minimize the process of buying or selling a home. As a Realtor, it is my job to shepherd clients through the complex processes associated with the purchase or sale of a home. I’ve seen people cry, have panic attacks, lash out at their spouses and assume the fetal position on the floor at one time or another throughout my 15 years in the business. However, there is nothing like walking a mile in someone else shoes to offer true perspective.It’s one thing to assist someone and its quite another to live through it yourself.
This summer, my husband and I sold our home of 20 years and purchased a new one. We are strong intelligent,people who were alternately brought to our knees out of frustration, anger and amazement. In no particular order:
1.Divide the duties.If your significant other and doesn’t mind being treated like a drug dealer or Mafioso money launderer,in spite of your 800 credit score,let him/her handle the mortgage process. Its gotten to be a full time job. It CAN be eased by having the right lending institution and the RIGHT mortgage broker or agent. I know them all and so should your agent.
2.Beware the words…”its in underwriting”. Make no mistake, this is the Bermuda Triangle of the mortgage world. Stuff goes in and either never comes out or emerges with so many Post it Notes attached that the process triples in length. (assuming the underwriter has not gone on vacation or to his two year college reunion, then it quadruples.)
3.Never waive your mortgage contingency. In this uncertain world, unless you are planning to take a cross country trip and hold up 7-11’s along the way to amass cash, cling to your mortgage contingency. A million things can go wrong and until you have the approval letter in your hot little hands, no deal.
4.Expect the unexpected. There is always something that can go wrong and usually does to add insult to injury. Hostage taking by a buyer or a seller for a closing extension, a last minute credit or rent back is commonplace in this market.All of it happened to us.
Just be sure you have a good and experienced agent who has your back throughout the process and you’ll be able to tell your grandchildren about the time you successfully secured financing and bought a home.