It’s always cool to have experience and be able to show others at how well you know what you’re doing, but here’s why that’s not the case.
Every Transaction is Different
The same way that every house has it’s quirks, every transaction is different despite using the same forms. There are so many variations on closing and possession date, which lawyer is going to be the closing attorney or even if the appliances stay or not. Even for experienced homebuyers, there’s always something new and different to throw a wrench in the works. (And trust me, there’s always something thrown in there.) Particularly with loan financing, everyone has income levels, expenses and ideas on what a monthly mortgage payment should be.
Laws Have Changed
In October of 2015 the Consumer Financial Protection Bureau overhauled the nation’s entire real estate transaction system. There are new timelines on when documents need to be signed and submitted. As of right now, we haven’t seen any closed transactions from this new process; we’re really trudging through uncharted territory. Realtors and mortgage lenders alike are playing it safe to ensure that enough time is given to complete transactions correctly and on time. We are all at the mercy of federal regulations and newbies to the process.
The More You Know
Knowledge is power! It’s probably been said a million times in a million different ways, but still rings true. The more information you have, the more informed decision you’ll be able to make. There is no harm is refreshing one’s memory in what the specific verbiage any given transaction is. If you are someone that wants to simply blast through paperwork without reading and assuming that someone will make the decision you would have made for you, you’re not in control and only doing yourself the disservice.
Real estate is always a big decision and like life, stuff happen. There is really no reason to not slow down and really understand the contracts you’re signing and what as a buyer or seller you’re committing to.