We’re Thankful for You

This year and every year, we’re thankful for you in our lives.

The 2023 holiday season has officially begun! We hope you are as excited as we are.

We’d like to take a moment to express our gratitude to all of you this Thanksgiving. We have met some truly wonderful people, and we’re proud to have helped so many reach their real estate goals over the years. We wouldn’t be where we are today without all of your support.

Enjoy your Thanksgiving dinner—that’s what we plan to do!

In the meantime, please don’t hesitate to reach out to us if you have any real estate questions. We would be happy to help you.

Happy Thanksgiving!

Get Ready to Buy Your Dream Home: The Top 3 Don'ts of Home Purchasing

Three common pitfalls that buyers should avoid when purchasing a home.

Are you in the market for a new home? If so, you'll want to avoid making some common mistakes that can jeopardize your home-buying journey. I'm here to guide you through the top three things not to do when purchasing a home.

1) Don't quit your job. One of the most crucial things to avoid while buying a home is quitting your job during the transaction. Let me illustrate this with a real-life scenario. I had a client who snagged an amazing deal on a home because the previous buyer decided it was a good time to quit their job in the middle of the process. The overarching reason not to do this is that when you're buying a home, the bank is essentially the majority owner.

Banks are typically fronting a significant portion of the purchase price (usually 70-95%). They set the rules, and one of those rules is that you must be gainfully employed and able to verify your employment. Quitting your job or frequently changing employers can raise red flags and jeopardize your loan approval. So, remember, don't quit your job while in the middle of a home purchase; it's a decision that can cost you your dream home.

“These three things are essential to remember when buying a home.”

2) Avoid taking on additional debt. When you're in the process of buying a home, steer clear of taking on new debts or splurging on big-ticket items. This scenario often unfolds when people move across the country, buy a new home, and decide it's also a good time to purchase a new car, a bunch of furniture, or rack up credit card debt. This can lead to an increase in your overall debt load, which could make you ineligible for the loan you originally qualified for.

Typically, you have a 30-day window during which you should focus solely on your home purchase. So, during this time, try to avoid making major financial commitments. Your home purchase should be your top financial priority.

3) Don't borrow to borrow. The third critical point is not to borrow money to gift money. This might sound a bit confusing, but let me explain with an example. I had a client who was buying a home, and her father intended to gift her the down payment, which is a common occurrence. However, her father decided to borrow the money from a bank and then gift it to her. During its due diligence, the bank discovered that the money was borrowed and denied the loan.

In most cases, you cannot take on additional debt to fund a down payment or gift money for a home purchase. It's essential to use your own funds or funds that are genuinely gifted to you without the involvement of additional loans.

By avoiding these common pitfalls, you can streamline your home-buying process and increase your chances of securing your dream home. If you have any questions about the buying process or need guidance, feel free to reach out to me by phone or email.