Leave a Message

Thank you for your message. We will be in touch with you shortly.

Top 4 Deal Killers for Homebuyers

Judy Limekiller  |  August 15, 2022

Top 4 Deal Killers for Homebuyers
Falling in love is exhilarating. It can also be a bit scary, especially when a home has captured your heart. What if something goes wrong and you end up not spending the rest of your life with this stack of brick and mortar you're lusting after?
 
No matter how careful you are, some deal killers are unavoidable. Others, however, are preventable, so pay heed if you hope to keep your deal alive.
 

1. Don't Mess With Your Mortgage Preapproval


A common reason for a real estate deal to fall apart is that many homebuyers don't fully understand the mortgage process. Sure, you may get a loan preapproval, but don't think for one minute that this guarantees you will get the loan. It doesn't.
 
Here's what happens after you receive your preapproval letter and decide to move forward with the purchase. The lender will start your file, give you a list of paperwork required, order an appraisal and credit reports, verify your employment and income, and more.
 
The file is then sent to the processor who will review all of your information as well as the appraisal. He or she will then put together a package of all pertinent information to be sent to the underwriter.
 
The underwriter is the person who ultimately determines whether or not you are an acceptable credit risk. He or she will assess your ability to repay the loan, your credit, and the collateral used to secure the mortgage - in this case, the collateral is the home. Then, just before funding the loan, the underwriter will perform what is known as a "soft pull" of your credit information to see if anything has changed.
 
This is the point where many borrowers run afoul. If you hope to keep your purchase alive, don't do anything - from application to closing - that might change your financial picture and sabotage your final approval. This means no shopping on credit for appliances, furniture or anything else. Don't switch jobs, fall behind on your bills, co-sign a loan for anyone, or in any way reduce the income stated on your application.
 

2. Read Homeowners Association Documents Carefully


When you purchase a home in a managed community governed by a homeowners association (HOA), you'll be given a mountain of paperwork to read and approve. Because there may be deal killers included in the fine print, it's important to get to this task immediately upon receipt of the documents.
 
Look for any information about liens against the property; current litigation against the HOA, the builder, or the developer; and any red flags in the HOA budget. Since these documents aren't easy to read and understand, it is worth the money you'll spend to have your attorney look them over and advise you of any potential deal killers lurking within.
 
While the aforementioned HOA problems could potentially derail the deal, it's better to have it happen upfront rather than when you're further along in the process.
 

3. Home Inspection Problems


All homes - even newly constructed ones - may have problems. Going into the process not fully understanding this can set you up for a failed real estate deal. Sure, you ideally want to find a home that was owned by Mr. or Mrs. Clean who conscientiously took care of it during their entire ownership, but those are few and far between, and seeking them out is unrealistic.
 
Set your sites on finding a home that has small, easy-to-fix problems, and don't freak out if some are worse than others. In other words, when considering making an offer, laugh at the loose doorknob but negotiate when it comes to water damage or worse.
 
The nitpicky homebuyer, who plans on nickel and diming the homeowner into replacing missing switch plates and dripping faucets, is the picture of a deal-breaker-in-the-making. Sure, in a buyer's market you may get away with minor demands. In a seller's market, however, there is always a cleaner offer right behind yours.
 

4. Budgeting Blunders


The real estate industry does a bang-up job of reminding homebuyers that they'll need a down payment - typically from 3 percent to 20 percent of the total loan amount - when they purchase a home. What they often fail to inform real estate consumers about are the loan's closing costs - the money you will be required to pay before the house is yours. This is most likely because closing costs are a little harder to pin down. They vary wildly and depend on the type of loan, the amount of the down payment, and a host of other factors.
 
Unfortunately, this lack of information frequently causes real estate deals to disintegrate. To avoid this particular problem, pay attention to all communications from your lender.
 
First, you will receive a form called a Loan Estimate. Look this over carefully to ensure that everything your lender agreed to is included. Pay close attention to the "Calculating Cash to Close" section, which concludes with an estimated cost to close the loan. Remember, this is an estimate and the amount may go higher or lower in the end. Speak with the lender if you find any problems here, especially if it will be impossible for you to come up with this money.
 
Just before closing, you will receive the "Closing Disclosure," which is quite similar to the estimate, but these figures are final. Again, review the "Cash to Close" figure.
 
By and large, real estate deals conclude successfully. Typically, it all comes down to the experience of your agent. Choose wisely and you'll avoid the common pitfalls that can derail transactions. For a smooth, low-stress real estate transaction, slow down, keep your expectations realistic and heed the advice of your real estate agent or attorney.

Recent Blog Posts

Condo Upgrade Ideas

Judy Limekiller  |  July 21, 2024

Transforming Your Space with Stylish and Functional Enhancements.

Top Factors that Influence Home Resale Value

Judy Limekiller  |  July 21, 2024

Understanding Key Elements that Enhance Property Marketability.

Key Features to Look for When Hunting for a Family Home

Judy Limekiller  |  July 1, 2024

Use foresight when narrowing your options for buying a family home.

8 Neighborhood Amenities That Increase Home Value

Judy Limekiller  |  June 19, 2024

Seek these local features when shopping for homes in Sarasota.

Luxury Home Design Trends for 2024

Judy Limekiller  |  June 13, 2024

Embracing Innovation and Sustainability in High-End Living Spaces.

How to Set the Right Price for Your Home in Today's Market

Judy Limekiller  |  June 1, 2024

Mastering Market Analysis and Pricing Strategies to Maximize Your Home's Value.

Why Summer is the Best Time to Buy a Home in Sarasota, FL

Judy Limekiller  |  May 31, 2024

Uncover the Advantages of the Sarasota Real Estate Market During the Sunny Season.

A Guide to Homeowners Insurance in Florida

Judy Limekiller  |  May 31, 2024

How to approach homeowners insurance and understand its aspects.

A Guide to Palmer Ranch, FL Parks

Judy Limekiller  |  May 27, 2024

Exploring Palmer Ranch's Green Spaces.

Exploring Assisted Living in Palmer Ranch: What Families Need to Know in 2024

Judy Limekiller  |  May 27, 2024

Choose the best assisted living facility based on these criteria.

Palmer Ranch Housing Trends: Key Insights for Savvy Investors in 2024

Judy Limekiller  |  May 27, 2024

Be in the know as you approach homebuying in Palmer Ranch.

The Top Attractions in Palmer Ranch, FL, For Locals or Tourists

Judy Limekiller  |  May 27, 2024

Discover the Best Things to Do in Palmer Ranch.

The Ultimate Guide to Home Inspection Before Buying

Judy Limekiller  |  May 22, 2024

Mastering the Process: Navigating Home Inspections with Confidence.

Everything You Need to Know About Getting Your Home Inspected Before Selling

Judy Limekiller  |  May 13, 2024

Preparing for a Smooth Sale with a Pre-Listing Home Inspection.

Things to Do in Palmer Ranch, FL

Judy Limekiller  |  May 13, 2024

Find your niche in this comfortable South Florida community.

10 Best Places to Shop in Palmer Ranch, FL

Judy Limekiller  |  May 7, 2024

Explore these excellent retail destinations in the Sarasota area.

Discover Hiking Destinations in Palmer Ranch, FL

Judy Limekiller  |  May 7, 2024

Adventure Awaits on Palmer Ranch’s Trails.

The 7 Best Golf Courses in Palmer Ranch, FL

Judy Limekiller  |  May 7, 2024

Tee Off in Style in Palmer Ranch.

Architectural Landmarks in Palmer Ranch, FL

Judy Limekiller  |  April 16, 2024

A Fusion of Tradition and Modernity.

Living in Palmer Ranch, FL

Judy Limekiller  |  April 16, 2024

A Haven of Recreation, Music, and Serenity.

Everything You Need to Know About Moving to Palmer Ranch, FL

Judy Limekiller  |  April 2, 2024

Your Comprehensive Guide to Moving to Palmer Ranch, FL.

Exploring the 12 Best Restaurants in Palmer Ranch, FL

Judy Limekiller  |  April 2, 2024

Showcasing Palmer Ranch’s Culinary Excellence.

Ultimate Guide to Selling Your House

Judy Limekiller  |  March 20, 2024

Capturing the sunshine in your sale.

Buying a Home in Palmer Ranch, FL

Judy Limekiller  |  March 20, 2024

A guide to your dream home.

Flipping Houses in Palmer Ranch, FL

Judy Limekiller  |  March 20, 2024

The path to profitable real estate ventures.

Navigating Paradise: A Guide to Boating in Pelican Cove, FL

Judy Limekiller  |  February 28, 2024

Live the life aquatic and discover one of Florida’s best-kept secrets.

5 Best Places to Shop Near Pelican Cove

Judy Limekiller  |  January 19, 2024

Start your retail excursion!

5 Best Restaurants Near Pelican Cove

Judy Limekiller  |  January 18, 2024

Take a culinary journey.

Everything You Need to Know About Moving to Pelican Cove

Judy Limekiller  |  January 18, 2024

Prepare for a move to this incredible community.

Tips for Moving with Pets

Judy Limekiller  |  November 21, 2023

Paws and packing: A comprehensive guide to stress-free moves with pets.

Buying a Home in Pelican Cove

Judy Limekiller  |  November 21, 2023

Finding your own piece of paradise.

Ultimate Guide to Selling Your House in Pelican Cove

Judy Limekiller  |  November 21, 2023

An expert guide to a streamlined, top-dollar sale.

6 Reasons to Relocate to Palmer Ranch

Judy Limekiller  |  July 31, 2023

Why residents love this top-ranking master-planned community.

4 Qualities of a Great Sarasota Realtor

Judy Limekiller  |  July 31, 2023

What you need to know before you hire an agent to represent you.

20 Things to Do in Your First Week in Downtown Sarasota

Judy Limekiller  |  May 21, 2023

Fun to be had for all ages in Downtown Sarasota!

Confessions of a First-Time Home Buyer in Lakewood Ranch

Judy Limekiller  |  May 21, 2023

Check out these lessons learned from a previous buyer.

How to Get Started in Buying Your First Home in Palmer Ranch

Judy Limekiller  |  December 20, 2022

Discover what makes this unique community one of the best places to call home on Florida’s Gulf Coast.

What to Expect from a Home Inspection in Lakewood Ranch

Judy Limekiller  |  November 21, 2022

Start your buying or selling experience off right with a home inspection.

What to Know Before Selling a Sarasota Home

Judy Limekiller  |  October 16, 2022

If you’re in the market to sell your Sarasota home, here are eight things to know before you begin.

Real Estate Trends

Judy Limekiller  |  August 15, 2022

Even with a downturn in the real estate market looming on the horizon, home sales are still headed for another record year.

Choosing the Right Home

Judy Limekiller  |  August 15, 2022

Looking at your debt-to-income ratio is one of the ways that creditors establish how qualified you are for a mortgage loan.

Top 4 Deal Killers for Homebuyers

Judy Limekiller  |  August 15, 2022

What if something goes wrong and you end up not spending the rest of your life with this stack of brick and mortar you're lusting after?

Work With Judy

Whether she is guiding a buyer through the purchase of their first home or helping out-of-town clients sell their family condo, Judy brings exceptional customer service to every transaction.