Understand the Rules of the Real Estate Game

Remember that while buying a Florida home can be an immensely exciting process, at the end of the day it is a business transaction.  As a homebuyer you should always maintain a clear head and appreciate the seriousness of your decisions.   Often, the buying process will proceed very quickly and you may find yourself wondering how you ended up in escrow so quickly.  While it’s tempting to speed through everything, remember that contracts and 30 year mortgages can’t be changed as quickly as they were signed.  It’s important to take the time to carefully consider any factors you feel are important before you sign the papers.  You don’t want to get stuck in a house you don’t really like or can’t afford because you got caught up in the excitement of the moment.

Being that the home buying process is a business transaction, the terms of the deal can also change quickly depending on the circumstances of the involved parties.  Once you’ve been approved for a loan, don’t take on any additional debt.  Refrain from buying any big ticket items that require financing (such as cars) and avoid using your credit card.  Even if you’ve already been approved for a loan, slight changes in your debt to asset ratio can cause the deal to fall through.  If you buy a new car or rack up a lot of credit card debt, the underwriter may throw out or deny your loan.  Everyone you’re working with will probably be friendly and will want to sell you the house, but at the end of the day, your relationship with them comes down to business.  If you change your financial circumstances, the parties you’re working with may change or retract their offers.

It’s also crucial to understand who works for whom.  Most real estate agents actually work for the seller.  This is an important relationship to understand because it will affect the way the real estate agent presents information to you.  There is nothing wrong with working with an agent who represents the seller, but keep in mind that ultimately, that agent’s obligation is to the seller of the home, not you.

You might want to consider getting your own real estate agent, who will represent you exclusively.  This way you can be sure you’re working with someone who’s first obligation is to you.  Having your own agent can be very helpful and in most cases, won’t cost too much. Furthermore, since most agents have years of experience in selling homes, they can catch important details about the home itself and highlight contractual issues that you might miss or be unaware of.

Finally, if you really think that you’ve found your dream home, don’t act like it.  If you advertise the fact that you’ve fallen in love with the place, the seller might be tempted to hold out for a higher price.  It’s best to act reserved until the deal is closed.

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