Yesterday, fraught with anxiety over the home buying process, I took to Stories to ask you for tips—and you did not disappoint.
My biggest takeaway: This is a challenge. I assume, constructed this way with intent. Which enrages me. Also, adulting is a scam. 10/10 do not recommend.
The more I learn about how things work, the more I want to dismantle every system. But here I am. Not wanting to pay someone else’s mortgage. I’m also considering moving to Western Europe. Where I know even less about securing property.
Your home buying tips:
Focus on location and the bones of a home. Finished, fixtures, colors are easy to change.
Shop for a home with price below your budget to leave room for bidding wars.
Make sure you get a fixed-rate mortgage as we are likely to see rate hikes in the near future. Rates are already spiking.
Don’t get too excited about anything until after closing. You’re talking to someone who crafts full-blown Pinterest boards before even touring the home in person.
Great communication and set proper expectations! Makes everyone’s experience better.
Be honest and very specific with what you’re willing to accept vs. not.
Find a great agent and a great lender. Check.
Check the age/lifespan of HVAC units/hot water heaters and ask for a credit if they’re old.
Have patience. This is not a virtue I possess.
Try to block off two days a week (weeknight + weekend) to see listings.
Breathe! Know your options and out with contracts/lending.
Don’t open new credit lines before closing.
No major purchases while the loan is being reviewed.
Be patient. It’ll happen and it’ll be the place you’re supposed to be in! Even though it’s frustrating.
Try to mentally prepare yourself for the invasion of privacy.
As a real estate attorney, buckle up! But it is possible.
Lower your expectations. Literally impossible.
Remember that it’s likely not your forever home so it’s OK if it’s not perfect.
Lots of wine! 40 houses viewed + 5 offers before ours was accepted. Not easy.
Do as much as you can before looking. Loan pre-approval, finding a lender, etc.
Stay organized and advocate for yourself if you don’t understand something.
Wine and welcome to the shit show.
Get a realtor and a mortgage company you trust and are responsive and don’t give up!
Bring cocktails.
Alcohol.
A realtor you trust + vibe with is key. One willing to help with all parts of the process.
Search at the lower end of your budget so you have money to play with during bidding.
A great realtor!
Get a good agent. It’s the only way deals are won in this market. The agent’s relationships.
Wine. Patience.
Don’t be turned off my old homes. It’s not impossible to modernize.
Remember: You will make anything cute.
If you like something, get a showing before the open house.
Be aggressive!
Ask all the questions and have a great realtor that will go to bat for you.
Check for liens/bankruptcy on the side of the seller. That can crop up the day before closing.
It’s an uphill battle but the cliche is true: If you lose out on the one, it wasn’t meant to be.
Get a good realtor who will hustle for you. Gotta be a shark in this market.
Be patient. Be persistent. Do your homework. Take breaks. Confide in family + friends.
Look for solid constructions. Some updates are done with sh*t material.
Think about how great it will feel to not pay someone else’s mortgage!
A more expensive home may have more “big” things done saving you money in the long run.
Tequilla.
Look for potential but also be realistic on how much repairs cost.
Knowing your $$$ ceiling and don’t let the competition make you impulsive or reckless.
Take time for sanity checks. I mean it.
Stick to budget but allow 10-15k if you can, for negotiating.
Know when to compromise on the “dream” and when not to.
Don’t “cheap” yourself out of a great house. You’ll regret losing it over 10k.
And now, for my favorites:
Abandon the process. Just don’t.
Don’t do it. But if you must, don’t give up. Mentally, this is where I’m at.
Rewind to 2019. Helpful. And not at all anxiety-inducing.
Screaming into the void is acceptable and encouraged.
You can do this! You’re a bad*ss boss b*tch who doesn’t need anyone else to move life forward.
Write down three reasons why you want to buy a house right now and reflect back on them when you’re angry or frustrated. Logic and reasoning are not a part of the home buying process.
And this is what I leave you with. That “logic and reasoning are not a part of the home buying process”. I feel like as long as we’re all on that same infuriating page during this absolutely wild and manic time in life, we’ll thrive.
Godspeed.
Some other thoughts / tips on this!
ok i missed this prompt! but my thoughts:
– if you can find a lender who does a loan approval and NOT a pre approval work with them. they will get all the info from you and paperwork they need to underwrite your loan before you make an offer, not after. this means you know your financing is coming through and you can waive that contingency (if you need to, which in this market is SO helpful).
– if you’re at all thinking about waiving a home inspection to help your offer stand out bring an inspector for a showing; they will walk through and look at anything out in the open that they can see and tell you their findings. probably not gonna get on the roof, but they can look at appliances, visible foundation, hot water heater, etc.
– be ok with the house being 85% perfect; know what you’re willing to compromise on and what you’re not (a bigger yard for wend maybe means a smaller guest room?)
– writing a letter to the seller can be so sticky; you can give away clues as to your background, economic situation, etc. some agents won’t take letters at all because it can lead to a serious fair housing violation complaint.
– look at everything, even things you’re on the fence about. yes, your time is valuable, but something you think you won’t like based on pictures could be perfect in person. (and vice versa). we almost didn’t look at our house and went to the open house because my husband was bored, and fell in love.
– if an escalation clause is a thing in the state where you’re buying, DO IT. it will help you auto bid without having to instantly go to your best and final
– lots of booze, patience, and resilience