What NOT to do when buying your dream home

Dated: July 20 2021

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What NOT to do when buying a homeOnce you find your dream home, we need to make sure you get to move into it. In this blog I am going to share the 10 MUST NOTs once your home is in escrow. I have been in the real estate industry since 2003 and my goodness have I seen a few crucial mistakes that so many buyers make after they have gone into contract to buy their dream home.

First thing, if you are in contract to buy a home, don’t quit your job, How are you going to qualify for a loan if you don’t have a job? Don’t change jobs, don’t become self-employed either. The underwriter of your loan needs to know that you have a consistent income history and you are not on a three-month probationary employment contingency.

#2 Don’t buy a new car, don't buy a vehicle of any kind or you may end up living in it,

#3 Don’t use your credit cards or fall behind in payments,

#4 Don’t omit any debt or liabilities on your loan application, they will get found out.

#5 Don’t spend any money you have set aside for closing costs, even if you have a paycheck coming up to cover it, things happen and luck favors the well prepared,

#6 No matter how excited you are, don’t buy any furniture even if the payment is deferred until after closing,

#7 Don’t allow any credit inquiries on your credit except for insurance purposes,

#8 Don’t take out any large deposits without first checking with your lender or agent,

#9 Don’t change bank accounts,

#10 Don’t co-sign a loan for anyone no matter what- that debt counts as your liability, and be sure to tell your lender if you already are a co-signer for someone.

Finding a home, getting an offer accepted right now can be very difficult, we want to make sure if you have made it this far, you understand how to keep your home and actually close once you find it. Give me a call to discover how to stay safe and assure we can close on your home once you have gotten your offer accepted. I've written this out in the “ Ten Commandments of Buying a Home", which you can click to download here: Your NOT to-do list!

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Jordan Quinn

I am a US-born Australian that now resides in Las Vegas. In 2003 I began investing in real estate in Australia. By 2010 I was able to leave a successful IT career and focus full time on real estate. ....

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