Sometimes no matter how much you prepare buying a home is stressful. There are things you can do to prepare, but sometimes it is just good to be mentally ready for a few bumps along the way.
There are a lot of cooks in the kitchen
Purchasing real estate requires the coordination of a lot of people. The buyer, seller, both agents, title company, homeowner’s insurance agent, loan officer, underwriter, and all the loan support staff all work to get to closing. That is a lot of people and a lot of room for human error.
A mortgage is a mini-audit of your credit and finances
I have heard “Do you want a blood sample?” and “Are you going to ask for my first born next?” more times than I can count. They are not too far off. A home loan, unlike any other debt, is a complete review of your credit, employment, income, and assets. A good loan officer will ask the right questions about your financial and credit history, but as these items are reviewed by the loan officer or underwriter issues can come up.
There are some things that are just out of everyone’s control
When buying a house you are often buying a house that has been lived in for years or even decades and had several owners. You may discover issues with the house that the seller didn’t know about after your home inspection. The seller may have their own issues that you cannot control. I have plenty of stories of ex-husbands and ex-wives delaying a closing by refusing to sign off on the closing. A seller maybe buying a house right after selling you their house and have their own delays on their purchase. As the buyer you might be selling your current house before buying a new house and your buyers may have their own issues. My first house was delayed because their was a hail storm a week after we wrote a contract and we had to wait for the seller to work out the repairs with his insurance.
What can you do?
Make sure the professionals you choose to work with (realtor, insurance, mortgage loan officer) are good communicators. Let them know up front that the most important thing to you is to hear any news good or bad immediately. Ideally pick a team that has worked together before. If your realtor recommends a loan officer ask them the reason, but understand that a realtor sells houses everyday and has likely worked with many of the LOs in town. They should have a loan officer they trust to get the loan done and communicate if there are issues. If one person in the transaction is “dropping the ball” it makes everyone’s job more difficult.
We have a select few realtors, insurance agents, and title companies we work with. We know the ones that answer their phones, that know the process, and that care about getting you to the closing table. They can help make buying a home a little less stressful.
But just keep in mind that sometimes, no matter what, buying a home is stressful.