Now we are going to look at things you should NOT do when buying a home, as they will increase your chances of failure in securing your new home.
1. Don’t quit or change your job.
2. Don’t change your name.
3. Don’t buy any large ticket items
– Cars, boats, electronics
– even New furniture for the house BEFORE you close is a BIG NO! Wait until you’ve moved into to your new home!
4. Don’t co-sign anything for a family or friends. Even a small price or item. This can affect your credit score and your ability to obtain a new loan.
5. Don’t deposit a large check or cash. These funds could raise questions with your mortgage loan.
– If you have to make a large deposit, make sure to get a letter of explanation and ask the person providing the funds to write a gift letter explaining the funds.
6. Do NOT have your credit pulled or inquired by any companies. This may lower your credit rating and qualification.
– Be aware that utility companies may pull your credit to set up new accounts when you move.
7. Don’t talk to the Sellers.
– Sellers are usually under Contractual obligation to only communicate with their agent for Exclusive representation to work on their behalf
– You are under Contractual obligation to your agent for Exclusive representation to work on your behalf
8. Don’t talk to the Seller’s agent. They work on behalf of the sellers
– Again, rely on your buyer’s agent to communicate and represent you
– Even at Open Houses – don’t attend them without your agent present
9. Don’t impulse buy. Buying a home can be a thrilling experience, but before you decide to submit an offer, really think your decision through.
– No one wants buyer’s remorse.
– You may forfeit (lose ) your Earnest Money
10. When you make an offer, be prepared to close. Good Faith Clause in Colorado Contract
– Expect that the moment the sellers receive your offer they may accept it.
– Don’t just submit an offer if you’re not sure and then hope that you can get out of the deal later on if you change your mind; it’s not ethical fair to the seller, their agent, or your buyer’s agent.
– You may lose your Earnest Money
