Home Buying Advice (To Avoid)

Home Purchase Documents
4 Reasons to Work With The Home Loan Expert On Your Mortgage
October 12, 2016
Just Married Couple
Just Married? Here’s Some Tips To Get You Into Your Dream Home
October 17, 2016

Family In Front Of Home SignWhen you’re buying a home, you’re going to hear from everybody around you on the best way to go about it.  You’ll undoubtedly get some great advice from your friends and family, especially if they’ve done it before.  You’ll also get your share of TERRIBLE advice.  Here’s the home buying advice to avoid.

Start way under asking – they can only say no.

When you start at a low ball offer, you start off with an adversarial relationship.  No homeowner is going to take an offer where they’re losing money on the house.  It’s foolish hubris to think that your offer is going to be accepted because you’re making it.  Remember, they don’t have to sell the house to you.  If they think you’re a jerk who wants to swindle them, they’ll be less inclined to give you a deal or work with you on the price.

People saying “Never pay full price” are fools in the case of real estate.  There’s no such thing as full price.  Home values will always rise over the course of your 30 or 15-year loan.

Your offer is better without contingencies

Holy cow, this one is nuts.  Contingencies are factors built into the sale that invalidate the sale in certain cases.  They can include failing the inspection, funding changing, or a variety of other situations.  They are there to protect you.  While you may be able to put a more appealing offer on the table without them, you’re basically hurting yourself.  If these contingencies come to pass, YOU DON’T WANT THE HOUSE.  They’re there to keep you from buying a lemon with black mold and a busted foundation.  Removing them means that you could very well be stuck with a house that needs major repairs and may be unsellable.  That actually leads into…

Who needs a home inspector?  We can look at it for you.

Yeesh.  This is a big one.  Not hiring a home inspector is like saying “Put it all on red.”  You’re gambling with the largest purchase you’ll ever make to save a few hundred bucks.  Have a licensed and bonded home inspector look over your house.  Have a pest guy come in and look as well.  Don’t make a huge decision blindfolded.

Don’t buy now, the market is still changing

Oh man, this old chestnut.  Look, home values are rising right now.  The market is continuing to adjust, but with limited inventory and new construction on homes slow, there’s no reason to not by today.  Scarce resources don’t become LESS valuable.  With interest rates crazy low and home values skyrocketing, you need to buy now if you’re going to take advantage.

Get Started

Call The Home Loan Expert, Ryan Kelley and take advantage of lower mortgage rates to buy it and save money. Call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555.  You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. Don’t forget to follow @TheHomeLoanEx on Twitter for breaking mortgage news and knowledge.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?