For all of the excitement of buying a home in Portland — especially if it’s your first one — it can truly be a stressful experience. In fact, a recent survey of buyers found that home-buying was the second most stressful event of their lives, after a divorce!
Some people just don’t like talking about money, others would rather not have the argument with their spouse about how many bedrooms they really need. But for most home buyers, the most stressful things about home buying are pretty consistent. They’re like landmines — hopefully, once you know where they are, you can watch out for them and have a low-stress Portland home buying experience!
1. What if I don’t get approved? Financing is a sensitive topic. Getting approved for the kind of loan you want (amount, interest rate, etc.) can be a nail-biting process, and it’s known to dredge up worries about one’s self-worth. Planning and getting pre-approved (not just pre-qualified) far in advance of your home search is the easiest way to diffuse this stress-bomb.
2. Drowning in paperwork. Real estate transactions are notoriously clutter-intensive, from the moment your agent hands you a flyer for a home to the final closing. Dam the flood by creating a filing system now, electronic and or paper. Then get organized with all the paperwork you’ll need on your end to make the home sale go off without a hitch. That includes all the documentation around getting approved for the loan (divorce decrees, recent tax returns, paystubs, etc.), home and neighborhood information, and offers submitted.
3. What if they don’t accept my offer? Buying a home in Portland in the middle of summer is a lot like gambling. You might have a great hand — submitted a great offer — but you never know who is waiting with a trump card. There’s no getting around it — this is truly the stressful part! A good real estate agent will help you avoid getting caught up in the heat of the moment and making a counter-offer you really can’t afford. Remember, there will always be another perfect house out there, you just might have to wait for it.
4. Buyers’ remorse. After the offer is accepted, it’s very common to wake up in the middle of the night thinking, “What have I done?!” The best way to deal with this problem is to think logically back to the source of the panic. Was it a doubt expressed by a friend or relative? Are you worried about something that came up in the home inspection? It that’s the case, you may have the right to cancel the offer, but talk to your real estate agent before making any big decisions.
5. Closing in confusion. The home closing is the time to meet with the title company and others to review all the final documents. A lot of buyers show up anxious to get the keys to their home, and don’t take the time to review the paperwork thoroughly. This can lead to stress down the road, so don’t do it! Know what documents you’re signing — a lot can be obtained and reviewed in advance of the closing. Have your real estate agent explain anything that you aren’t clear on. Mistakes do happen at this point in the home buying process — so it might not be your imagination of something looks off.
The number one way to avoid stress when buying a Portland home? Call the Twin Team today!
(Courtesy of Real Estate Agent PDX…)