Meet Lisa B., who recently purchased a home in St. Clair Shores, MI. Read on to find out what she had to say about her home buying experience.
QL: When did you close on your home?
LB: In August.
QL: What made your home the perfect one?
LB: The one we chose is bigger and it’s in the location we wanted. It also has a huge yard and an attached garage, which we love.
QL: How long did it take to close?
LB: It took about six weeks to close.
QL: What was the lengthiest aspect of your closing process?
LB: Waiting on the appraisal numbers to come back seemed to take a long time. Also, the deed for the new house was in a trust so that aspect took a while, too.
I think buyers should be more aware of the appraisal process. They also should have a good idea of what their prospective home will appraise for when they’re putting in their offer.
QL: What were your biggest fears or concerns during your mortgage experience?
LB: I was worried about the house we wanted not appraising for enough. If it hadn’t, the deal would have been dead. Also, I felt like the amount of time we had to wait on the appraisal report coming back was a source of anxiety.
My husband and I wanted to know what our final numbers were because that was up in the air for a while. There’s a lot of money involved when it comes to closing. We wanted to have the final numbers because we also had to pay for upgrades on our new house.
QL: What were the most challenging aspects of your experience?
LB: Ironing out the process of selling our home and buying a new one was a lot to juggle. Aligning the timing of everything was a challenge!
QL: What was the best aspect of your experience?
LB: The fact that the Quicken Loans process was fast and easy was great.
QL: What feedback do you have on your banker and/or mortgage company?
LB: My banker was excellent! He was helpful and very knowledgeable. I felt like I had a good experience overall, but I think clients should get an overview of the whole mortgage process on the front end. The next steps aren’t always obvious for some first-time homeowners. They really need a map so I came up with one (see map below). If clients knew what the next step was along the way, it would be beneficial.
QL: What new things did you learn from your mortgage process?
LB: Even though I didn’t like it, I learned that the seller is the one who gets to choose the closing location.
QL: Looking back, what would you do differently?
LB: I may not have went with a fixer-upper. Also, if I had to do it over again, I may have sold my current home prior to buying a new one. That way, I am guaranteed that the sale goes through. That would have been more reassuring.
QL: What advice do you have for house hunters?
LB: I would tell them to use apps to help with their house hunting. I used multiple phone apps because I wanted to know what my work commute would be. Also, I would say try to scope out the house completely. Use Google Maps, look around the neighborhood and pay attention to the traffic and noise nearby.
Also, buyers should know what bothers them. For example, do barking dogs bother you? Don’t hesitate to ask neighbors how they like the area. It’s important to know this before buying.
Stay tuned for the next edition of “Lessons from Real Home Buyers.” Don’t forget to share any lessons you may have learned from your home buying experience below.
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