How OJR Home Buyers Screw Up When Buying a House

Buying an OJR house should be something a person prepares for.  No OJR home buyers have ever qualified for a mortgage, bought a house, and moved in without hitting a few problems or making a few mistakes along the way.  With such a large purchase these few mistakes can cost OJR home buyers thousands of dollars or a lot of time and effort.

Avoid making these common mistakes when buying an OJR house in order to make the experience as pleasant as possible.

Shop Around for a Mortgage

OJR home buyers should know that mortgages are not one size fit all.  Every lender will approach mortgages a little differently. Even though some lenders require a certain credit score to offer low-interest rates does not mean another lender will not be more lenient.  When buying an OJR house, you will want to talk to at least three lenders about mortgages to get quotes for their loan terms before locking in a mortgage.

Keep in mind that the hard part of applying for a mortgage is getting all of the correct financial documents together.  There are many different documents that home buyers will need including W-2s, tax returns, statements of bank accounts, and statements from all debts.  Once all of this paperwork is together it is easy to take it to multiple lenders to review.

Be Realistic About Your Budget

Many people do not get real with what they can actually afford. But in order to avoid finding yourself in a house that you cannot afford, you must take the time to really understand your financial picture. Know what you can afford and be disciplined in your house hunt.

Good Enough

No OJR home buyers like to hear this hard truth but no house is going to be perfect.  There will always be something that is wrong with it. If it is the color of paint, the fact there is no porch or even a poorly kept lawn, these are all aspects of a house that can be fixed.  

Which is why when buying a house it is good to keep in mind that a house that hits all the major checkpoints is as good as finding the perfect home.  OJR buyers should think of a house as an investment that they may need to change slightly to fit their needs.

Playing Hardball

Making offers when buying an OJR house can be difficult.  Go too high and you run the risk of overpaying. But going to low means that you might lose out.

Be aware that even though most OJR sellers have room for negotiation, making a crazy low offer is going to come across as offensive.  Not to mention there are other OJR buyers making much higher offers on the same property.

OJR home buyers who thinks they are going to sweet talk a seller out of their home for a steal is going to be searching the market for years to come.

Blowing The Budget

When buying a house, OJR home buyers will not want to not put every penny towards the down payment.  While having a higher down payment is important, the buyer still needs to factor in the costs of buying a home.  The closing costs for a sale can be anywhere from two to seven percent of the purchase price. This is a huge chunk of money for someone that has not planned on paying anything.

Frivolous Purchases

The lender has agreed to give the buyer a mortgage, a seller has agreed to an offer, so the buyer practically owns the house right? Wrong.  

Buyers always get too excited in the last few weeks of a sale and start buying new items for their home.  But taking on major amounts of debt can put a sale in jeopardy. The lender has every right to withdraw their offer of a mortgage leaving the buyer with no way of buying a house.