First-Time Buyer? How to Ease Your Troubled Mind
Ok, first-time buyer… here are a few things to keep in mind when purchasing your first home.
1) It’s OK to celebrate the small victories.
I see each of the following as a step towards closing: An accepted offer (yay!), buyer and seller agreeing to certain improvements or credits after inspection (yay!), the appraisal coming back higher than the offer price (yay!), receiving final closing disclosures (yay!), and the scheduled closing itself (BIG YAY!).
Anytime any contingency is cleared, feel free to celebrate. It’s a big deal and gets you that much closer to a successful sale.
2) It’s OK to hold off on all celebrations until you have the key in hand.
That being said, it is also OK to pause all celebrations until after closing. Deals fall through, sometimes. Things can unravel even a few days prior to closing. In my opinion, if both buyer and seller are motivated, the chances of that happening are slim, but…. It does happen. If you are the type to “not count your chickens,” then feel free to hold your breath until that key is in your hand and all paperwork has been signed.
Whatever helps you sleep better.
3) Understand that in MOST scenarios, the parties involved (sellers, lenders, agents, title companies) want the deal to be successful.
Assuming the seller is motivated and actually wants to sell, consider this: from the time you offer to the time you close, it’s likely that everyone has invested 1-2 months of time into the transaction. Your lender, the listing agent, your buyer’s agent, and the title company. All of these people would like to see the deal close successfully. They are all working hard to make sure this happens.
4) It’s ok to freak out a little.
Feeling your elation subside into deep fear, panic, and worry? It happens to the best of us. In your first home purchase, it can literally feel nauseating to fully realize the big step you are making- and the big check you are writing. Cry it out if you need to but then remind yourself that you are consciously stepping deeper into the adult world. Pull up your big girl pants and hop on Pinterest to recharge your excitement for home-making. At least, that worked for me 🙂