what is the most stressful part of buying a home?

Question

it's my first time buying a home! I am reading the contracts to make an offer and I am already stressed

update: I didn't send my offer fast enough and the seller's accepted the couple who saw the house before me! I am bummed because it was my dream house but wish me luck on finding a house ♡

Answer

I feel like buying your first home isn’t so stressful. It’s selling your first and buying your next one that’s stressful. If you can afford it, it’s a breeze. Just be diligent. When the mortgage company wants something, send it quickly. Hire good people and everything falls into place.

Answer

Oh, just about everything 😂
Talking with the bank about things I don't fully understand, seeing houses and trying to figure out where is the right place to live, thinking about daycare and schools if you're moving to a new area..
And then there is the whole bidding thing and signing papers and packing your things and moving..
It's exciting, but awful at the same time 😅

Answer

All the extra expenses. It's fine if you can afford it, but when we started the process we had no clue what we were looking at in terms of building insurance, we had to take out secondary life insurance policies, the repo rate has just gone up, rates and taxes have just gone up...

Answer

We just got done selling and buying our home. I can now fully understand how stressful it is. I never want to do it again for a long time. For me buying wasn’t as stressful as selling it. Our house got under three different times very quickly. First two times they backed out. If the third contract fell through said I was going to have any breakdown of someone backs out again. Lucky our realtor is awesome and she made damn sure these people are lidget and where going to back out. If everything goes to plan and the everyone stays on track when stuff needs to be completed then it’s a quick process.

Answer

Knowing that homes are $300k+ 
Coming with property taxes
Have to finance everything out of your own pocket if something breaks or needs to be remodeled

Answer

I buy homes all the time with clients. Underwriting is the biggest pain.  You find a place once you have a pre approval. I always use my mortgage broker so you have different options. You make an offer hopefully it’s accepted. Once that happens 3 day attorney review of the contract. Hopefully 3.5% down or 20% down if you have it. You will need money for closing cost. Depending on the price. 6-20k. $350-500 for the inspection and the same for the appraisal. If you find any issues with the inspection you can negotiate it with the price reduction or sellers concession of half the closing costs. Your banker will do verification of employment up to the day of closing. Whether that’s a service like the work number that they charge for a salary key or other ways in writing. All money used must be seasoned money for 3 months preferably in a bank account you can use gifts from other people but bank statements have to back where the money came from. They will want your taxes with w-2s, paystubs and bank statements regularly up to closing. Do not touch your credit cards or reduce hours or change jobs once you start the process it messes everything up. Lawyer usually charges 800-1200 part of closing costs same with the mortgage broker or realtor fees etc. underwriting is the most annoying part until you get the cd and packaged everything. They can ask for clarification of any stupid thing and want letters. I once had to write a letter because the corporate address was different from the physical address why would they buy a house on the east coast when the corporation address was on the west coast. Kind of common sense they weren’t going to commute they had a local office. Any deposits over 1000. Even though it says it’s the IRS refund they wanted a letter.  Until everything is satisfied you can’t close with them, you can’t close. Sometimes you have to do month to month lease because you can’t close because of them. Make sure you notify your landlord otherwise it’s a headache to get your deposit back keep them in the loop that you are going to start looking that you are under contract etc. sometimes things fall through and you don’t close. Don’t have enough for closing costs. People changed their mind. Found too much wrong with the house and you change your mind after the inspection. Things happen. Good luck

what is the most stressful part of buying a home?

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