This is the third installment of the “Lessons from Real Home Buyers” series, where we interview recent home buyers to learn from the highs and lows of their mortgage experience. Everyone has a unique experience, but there are always lessons to take away from each story!
Meet Aaron Z., who recently purchased a home in Royal Oak, MI. Read on to find out what he had to say about his recent home buying experience.
AZ: In October.
QL: What made your home the perfect one?
AZ: It was literally the first house I saw. I know what I like, and this one looked really good! It is an updated home with a nice kitchen. I knew that I didn’t want to put a bunch of money into home upgrades, and it was perfect for my price range. The home wasn’t listed even though it was for sale. I told my real estate agent about it right away so my girlfriend and I could check it out.
QL: How long did it take to close?
AZ: It took about 30 days.
QL: What was the lengthiest aspect of your closing process?
AZ: Negotiating with the seller took the longest amount of time. The home needed the electrical outlets upgraded, so we needed an electrician to come out before we could get the deal done. I was hoping that the seller wouldn’t scrap the deal because of the outlet work.
QL: What were your biggest fears or concerns during your mortgage experience?
AZ: I really didn’t have any fears. I knew that I was qualified and the home appraised for $20,000 more than the asking price.
QL: What were the most challenging aspects of your experience?
AZ: When I started out house hunting, I felt like I was looking for a needle in a haystack. That’s why I was happy when I stumbled across my house.
I think the most frustrating part was dealing with the seller, because we had to renegotiate after the house was inspected. He didn’t want to pay to have the electrical outlets grounded, so he came back to me with a higher quote. But we finally agreed to split the cost for the work.
QL: What was the best aspect of your experience?
AZ: I think I was just happy to be buying my first house in general. Suddenly, I’ve found myself in the market for things like lawn mowers and couches. My closing day was really a great day!
QL: What feedback do you have on your banker and/or mortgage company?
AZ: My banker was awesome! Working with him was simple and easy. He always made himself readily available to talk. I liked the Quicken Loans MyQL site. Overall, I’d rank my experience as a 10. My closing went really smoothly.
QL: What new things did you learn from your mortgage process?
AZ: I learned that everything costs more than you think it does in the front end.
QL: Looking back, what would you do differently?
AZ: Nothing comes to mind.
QL: What advice do you have for house hunters?
AZ: I would tell them to work with people they trust. I really trusted my real estate agent, my mortgage company and my home inspector. It’s important not to sacrifice quality for a higher cost of services.
People should make sure they are buying a home that is long lasting. Look at the roof, the electrical work and those types of details. It’s important to learn as much as you can about the inspection process, as well as about appraisals.
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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