The Five Phases of “Oh No!”
Much like the states for grief you will go through “the five phases of on-no” when it comes to buying a home. Some of you may choose to use a more colorful metaphor than “oh-no,” I’ll leave that up to you. 🙂
So you’ve been looking for homes and you’re excited. You’ve done everything right so far: you’ve gotten pre-approved for a mortgage, you’ve met with your agent about what type of home your looking for and what the process looks like and now it comes to the part that’s going to cause you a significant amount of stress. It’s the “oh (fill in the blank) stage.”
Stage one: This happens when you write the offer. You’re going to be excited and nervous all at the same time. You’re going to sit down with your agent, go over the contract so you understand clearly what’s happening then you’re going to sign it. Whew! That was easy, right? Well, yeah, it was… now the melt down happens. Your first stage really kicks in once you go home. You’re going to post on Facebook that you’ve put an offer in on a house, you’re going to get encouragement from your friends and family and then you’re going to try to fall asleep. Guess what? You won’t. You know how I know you won’t? Because you’re going to call me in the morning freaking out saying you were up all night thinking about it and that you just can’t do it. Once you’re reminded that your offer hasn’t yet been accepted you’ll calm down and then we’ll move on. This stage is very normal.
Stage two: The offer has now been accepted. Woo Hoo! You’re one step closer to owning a home. Congratulations! Once you’ve posted it on Facebook and your friends and family throw you some virtual high fives, you’re going to melt down when you have to wire in your earnest money deposit. That’s usually one percent of the purchase price. It’s starting to get real. This is where you might call me saying that you’re making a mistake and that you don’t know that you should move forward. Again, you’ll calm down and we’ll move on.
Related Article: Getting a physical inspection on your new home
Related Article: Reasons you could be turned down for a mortgage
Stage three: This stage happens during and after your physical inspection. Inspections are extremely important. The thing to remember about inspections is that, there is no perfect house. We will find something wrong with it… even if it’s been fully remodeled and we may need to get some estimates and submit a repair request to the seller. That’s normal. The melt down usually happens when you get the inspection report. Usually reports are about 30 pages. If the house is totally falling apart and the seller isn’t being reasonable on repair requests or credits– this is the point you would back out of the transaction. We’d support that.
Stage four: It’s getting real at this point. We’ve been able to successfully negotiate a request for repairs with the seller or received a repair credit and now we move on to your loan doc signing. Exercise your wrists and crack your knuckles a few times because you’ll be signing your name: A LOT! In fact loan docs can require up to 100 of your signatures. It’s real at this point.
Stage five: This happens on closing day. You get your keys, you are all excited and then it sinks in: You’re. All. Grown. Up! Congratulations!
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Questions about buying a home?? Call Chris Spade @ 619-320-5467