After you’ve gone under contract, there are six mistakes that buyers and sellers alike need to avoid or risk blowing the transaction altogether.

Selling your home? Get a home valuation.

Buying a home? Search the local MLS.

If you’re under contract on a property, there are six things you should absolutely avoid doing if you want to stay under contract:

First, for buyers: 

1. Don’t get your credit pulled for any reason. When your credit is pulled, that’s an inquiry on your credit report. Those inquiries will need to be explained to your lender in some cases. In other cases, if you went through the credit application and were able to secure new credit, it will factor into your debt-to-income ratio, potentially harming your ability to purchase that house. If you need to purchase anything extensive while you’re under contract, check with your lender to give you guidance about how to go about it without damaging your ability to buy the home

2. Don’t change jobs. Your qualification for your home financing is based on the information you provided your lender. If you changed jobs, your new income will have to be refactored into your eligibility. This could potentially disqualify you from the mortgage.

3. Set proper expectations. We don’t live in an HGTV world. In the real world, there are all kinds of crazy situations that happen in real estate, so your outlook needs to reflect and anticipate that.

"In the real world, there are all kinds of crazy situations that happen in real estate so your outlook needs to reflect and anticipate that."

 

Now, for sellers:

1. Don’t think you can hide from creditors. If you have a federal, state, or tax lien, it will need to be paid off before you can close on that house. If you don’t, then you can’t close.

2. Don’t stop paying your mortgage. If you’re about to purchase another property, you don’t want any type of delinquency to occur on your account that could make you ineligible to purchase it.

3. Stay out of your emotions. It’s easy to get attached to your home, but acting in accordance with those emotions can cause problems with the transactions. Think about the home sale in terms of the numbers; don’t let your feelings cloud your ability to make smart decisions when it comes to your home purchase.

If you have any questions for me regarding your real estate goals and dreams, don’t hesitate to reach out to me. I look forward to helping you out.