Who's the Boss?

Written by Posted On Tuesday, 19 April 2022 00:00

Buying or selling a home invites multiple players into your world. There are people you will meet and speak with and there are people involved you'll never even know about. And because you're not exactly buying and selling a home every day, it pays to rely on their experience to guide you through the process. Buying a home, especially for first timers can be a bit bewildering. It's a foreign process with lots of folks asking for this and asking for that. You'll get plenty of phone calls, text messages and emails. And lastly, none of them will make a dime until your deal closes. From title companies to mortgage companies to settlement services, they're all betting on the come. Which can sometimes lead to a bit of prodding on their part. 

For example, have you heard the phrase, "Buy now! The market is super-hot and you need to lock in these prices before they get too much higher!" Or, have you heard the phrase "Buy now! Prices are at rock bottom and the only way to go is up!" It's essentially the same prod, just in different circumstances. This advice may certainly be right at the time or maybe not. You can get all the advice you want but remember who's boss...you are. Nothing happens until you flip the switch.

Sometimes, it's best to take a step back and re-evaluate your goals. Do you really want to buy now? Are you comfortable with the proposed monthly mortgage payments? Do you understand all the closing costs involved when buying a home? You won't find very many agents who will tell you not to buy anything. They typically don't make very much income with that, right? But a good agent will certainly go over the pros and cons of the current real estate market and it's vital that you pay attention. 

But your job at this point is to gather as much information as you can, without feeling rushed, then pull away and look at the prospect of buying a home in a new light. The new light is having the information you need in order to make a buying decision. Prior to this new venture, the information you got wasn't filtered. Perhaps you read something online or a friend, who had already bought a home, provided some first hand experience. Whatever the situation, you've now got the data needed and it's up to you to decide to move forward.

If you feel rushed, let your feelings be known. Sometimes those in the transaction might misread you and think you're ready to sign a contract if only you found the right property when in reality you're in the exploration  mode. Don't be shy about expressing what you're truly thinking or at least leaning toward. Letting your feelings known upfront will make your path a little clearer to navigate. With the right communication, the process becomes so much easier and you'll have fun instead of feeling like you're being pushed around. Always remember...you're the boss.

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David Reed

David Reed (Austin, TX) is the author of Mortgages 101, Mortgage Confidential, Your Successful Career as a Mortgage Broker , The Real Estate Investor's Guide to Financing, Your Guide to VA Loans and Decoding the New Mortgage Market. As a Senior Loan Officer and Mortgage Executive he closed more than 2,000 mortgage loans over the course of more than 20 years in commercial and residential mortgage lending. 

He has appeared on CNN, CNBC, Fox Business, Fox and Friends and the Today In New York show. His advice has appeared in the New York Times, Parade Magazine, Washington Post and Kiplinger's as well as in newspapers and magazines throughout the country. 

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