Timing Is Everything
Unless you’re loaded, the process of buying and selling at the same time is all about timing. You either have to get lucky or get lucky. That’s right, there are no other options. Most of us will not be able to afford to own two houses at the same time so we have to pray that our home sells at the same time that we want to put an offer on our dream home, or that the seller of our dream home is willing to accept an offer contingent on our home selling.
The speed that the process goes is slow. I mean a snail would consider it slow. Perhaps it’s the impatience cause by the excitement of getting into a house you will love, or perhaps it’s just slow. Be prepared to be patient.
Bids – Getting Outbid and Receiving Low Ball Bids
It seems like the money is just out to get you. You will find a house you love and get outbid by somebody that loves it more and have to start looking again. At the same time people are sending you bids well below asking price, giving you less money to work with. It doesn’t seem to make sense. Every house you bid on goes above asking price as a part of Operation Piss Me Off, all the while the enemy is conspiring a plot to steal your house right out from under you.
Just in case the offer that you accepted 10 percent below market value wasn’t enough of a gut punch, they also asked you to help cover closing. Oh and they want you to leave your appliances. Then there’s the realtor fees (ok this one is deserved… the realtor is the saint in this process, helping get you through this stress without taking a nap in the middle of the interstate), fees to get things fixed before moving in, and don’t forget the fat man fee that guarantees Jolly Ole Saint Nick will visit your children. Let’s just say there are a lot of fees
This isn’t something that the average person does very many times in their life. The process can be confusing. The loan comes in flavors like FHA, ARM and conventional to name a few. Do you have to pay PMI or not. Do you pay insurance and property taxes with escrow or separately. How much will the taxes even be? What will your payment be? What will it really be? Are you sure that’s what it will really be? What do all these question on the listing agreement mean? Why don’t we have any showings yet? What can I do to help? Am I annoying my agent? Do I use an originator or a broker? Am I annoying them? I’m sure this is just the tip of the ice berg as I’m just weeks into the process here. My advice, don’t get too attached to any particular property because even if you say you won’t be disappointed if you don’t get it, you will be. It’s just human nature. The other advice is to find an outstanding realtor and lender. If you know someone who has gone through the process try to get their recommendation on a realtor and lendor. If you’re looking in the Lansing, MI market or the Pinckney, MI area shoot me a message using the contact page and I can give you some good recommendations. Do you have any additional stresses or advice on how to handle the stresses involved? A recommendation on a good realtor or lender in your area? Photo Credit: ptmoney.com