target home’s appraisal is too low, the lender won’t give you a home loan to purchase it. Financing: This can easily be avoided by ensuring you are financially prepared to buy a new home, which includes knowing your budget, understanding how much you can afford, and getting pre-approved for a loan, as discussed earlier in Step #2. Faltering in the finance department will probably sink the whole deal. It’s critical that you keep these potential pitfalls in mind before you get to the closing process. If something goes wrong, but appropriate contingencies are in place, the deal could still be saved. But it’s always better to be safe than sorry.
Key Takeaway:
To gain the upper hand in the home-buying process, hire a professional real estate agent to work with you through each of the above 12 steps, guiding you along the way throughout this sometimes complicated process. This is especially important if it’s been a long time since you’ve last purchased a home. Purchasing a new home while downsizing, whether it’s a small house, townhouse, condo, or apartment, is a big deal as you start looking forward to the next season of your life, and all the possibilities that it holds for you, so you need to treat this process accordingly.
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