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Email this3:55 pm
March 8, 2022
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I have no idea how many 20, 30's or possibly 40's folks are in this forum, but I have a few thoughts bases on boots on the ground...
If you are in the market for a new home today, don't presume anything. Check with your lender first. Doesn't matter that you talked to them last month, talk to them again,
For example, you might be "pre-approved" for a set amount, and have a 90-120 day rate hold, but that doesn't mean that you will not have to "re-qualify" as rates changed higher and their is a stress test. You should check that.
Another example are buyer's relocating and thinking it's still February and their existing home will sell in a week for the price they have in their mind. You should check that.
We are seeing more deals failing on financing, and those are the two biggies.
I could write a lot more, but not today.
4:34 pm
September 11, 2013
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Good advice, rpotter28, and you've actually made my day. From what you write I'm guessing you're not old, and you used the apostrophe in "it's" ("it's still February") correctly! You've revived my faith in the young, I'll sleep well tonight, and I don't even care that you spelled the plural "buyers" as "buyer's" - thank you!
5:38 pm
April 20, 2019
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Great points rpotter28! (I do not suspect there are many posters in the under 40 crowd on here) I would like to assume that people in their 30’s know what they are doing when they are making such large purchases. However, I've been surprised when well educated friends of mine put in offers without even knowing what the land transfer tax was! Its scary.
3:43 pm
October 11, 2015
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Yup, I'm old.....but I'm going to look at a house with my daughter tonight-->she is a first time house buyer! Thank you for the tip!
6:13 pm
March 30, 2017
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suburbs4life said
Great points rpotter28! (I do not suspect there are many posters in the under 40 crowd on here) I would like to assume that people in their 30’s know what they are doing when they are making such large purchases. However, I've been surprised when well educated friends of mine put in offers without even knowing what the land transfer tax was! Its scary.
You will be amazed how little most people know when it comes to their personal finance, be it mortgage, investments and what’s not.
Most just narrowly focus on they have a job that provides a pay check every other week, and no concept how to ‘make money with money’. And really has nothing to do with their risk tolerance level. For example, snapping on a floating rate cuz their mortgage advisor said it ‘makes sense’ early this year…..
Please write your comments in the forum.