What to expect when you’re expecting (to buy a house)

There are a lot of things people expect out of the home buying process and each situation is different. Here are a few common misconceptions about the process.

The seller pays for everything!

Although every homebuyer would like this to be the case, it is unfortunately just not true. There are some expenses that will be incurred during the process. Just to name a few these include closing costs, inspection expenses, appraisal fees and title insurance.

Oftentimes some expenses can be negotiated in (seller’s contribution to closing), but others are more often not (inspections and appraisals). The reason behind this is that although a seller may negotiate with closing costs, they are not going to pay for expenses that are at the discretion of the buyer. Particularly when it comes to inspections, although highly recommended, they are not necessary for the purchase of the home and belong to the purchaser.

Ultimately, a seller may pick up some of the tab of buying their home, but they’re by no means obligated to. Moreover, it is important to add that as a homebuyer there is a cost of doing business and seriousness in the commitment.

My realtor does everything for me!

Wrong again! We do a lot and I mean a lot, but not everything. It is an important distinction to make that the homebuyer is buying the home and the realtor is a professional whose job it is to assist in the process. In that, your realtor is not hiring the inspector, insurance agent, or any other pieces necessary for the process.

As a realtor I am happy to assist and make recommendations on vendors that I have had an excellent relationship with in that past, but that’s just it: a recommendation. Particularly when the homebuyer is purchasing products or services, it is ultimately their decision whom they chose to hire. This is why when moving through due diligence and on to closing, a homebuyer may feel that some of the questions are obvious. As a realtor, we need to make sure that the homebuyer is making all the decisions. After all, I’m not planning on living there!

I can’t make it to closing; we can just do it tomorrow.

Typically when things are planned months in advance, there’s a reason for that. When there is a lot of paperwork with signatures, deadlines and specific dates, there’s also a reason for that. So if the week of closing a homebuyer tells their agent that they need to go out of town or work that day, there may be a small explosion in their brain.

Getting a deal to close is like a finely tuned watch with all the many different parts working together for the same goal. Missing a single cog or counterweight could spell disaster for a timepiece as it could delay closing. All loan payoffs, tax calculations and documents are sensitive to that agreed upon date, which is why simply changing the date is not an option.

If there is an issue with the date or time contact your agent ASAP, so they can get everyone on board, maybe file more paperwork get some more signatures and make the world right again. Everything is fixable, but communication is key. So yes, everyone is very serious about the closing date.