Home Buyers' Fearbusters

No worries. Though buying a house can be stressful, your biggest fears can be calmed with a little homework and information.

Fear: Help! Everyone has advice for me. I'm going to be overwhelmed by all the things I need to know — I'll never get a house!

Fearbuster: Take a deep breath. Remember that other people have been through this, and they survived. And purchased a house. There are lots of people out there to help, from family members who have done this before, to professional resources, to Zillow. Information is your friend — the more homework you do ahead of time, the easier the whole process will be.


Fear: The neighborhood’s cool, the homes are well-maintained, and I’ve found several I like. But the housing market means prices are just beyond my budget! Will I ever find a place to call my own?

Fearbuster: Broaden your search. If housing prices in that hip ZIP are too hot to handle, consider looking in nearby neighborhoods. They’re often overlooked, underpriced, and poised to benefit from the reflective glow.


Fear: The perfect home is always sold the week before I started looking!

Fearbuster: Sit down with your real estate agent and review your description of what you’re looking for in light of the kinds of homes you’ve seen so far. Were there homes you initially ruled out that might be worth a second look? For example, could you do without a separate family room if that brought the price of a home within your range? And keep looking. The perfect home may be just around the corner.


Fear: I'm looking for an agent, and I want to find one who will help me get the best deal. But there are so many agents after my business that I'm afraid I'll choose the wrong one, and the seller will have the upper hand.

Fearbuster: You want to do some homework when picking an agent. It’s especially important to have a list of questions to ask. Don't be shy about asking questions and you'll be fine.


Fear: I'll choose an agent who won't pay any attention to me.

Fearbuster: Interview at least three agents before making your choice — and be sure to ask the right questions. And don't hesitate to ask your friends for referrals — they've been through it.


Fear: What if the seller turns us down flat?

Fearbuster: Barring an insane seller’s market, if you and your agent have presented a reasonable offer, backed by strong CMA numbers, the seller should be willing at least to make a counteroffer. If not, there’s nothing you can do except resume shopping — and be glad you won’t be dealing with someone who likely would’ve given you weeks of misery and then probably quashed the deal anyway. The good news is: Your new home must actually still be out there.


Fear: I want the house, but I'm afraid I'll have to give up too much to get it! Fearbuster: Figure out what is really important to you about the house; that becomes your baseline negotiating point. Concentrate on that, and you will find you can probably live without some of the other contingencies ).


Fear: I hate, I mean hate, confrontation. I'm worried that the seller will hate me if I negotiate.

Fearbuster: The seller probably won't accept your first offer, but it doesn't mean they don't like you! Think of it as a conversation, rather than an argument. Identify what kind of market you are in , equip yourself with a few negotiation techniques, and then build in as many (or as few) contingenciesas you think will be accepted.


Fear: Yikes, now I have a $250,000 mortgage. What if I lose my job, they foreclose on my house, and my life is ruined!

Fearbuster: Putting money aside for a rainy day is easier said than done — particularly when you have just made the biggest investment of your life. Begin to squirrel away emergency funds and even open a line of credit, if you qualify, so you’ll have funds to get you through a rough patch.


Fear: What happens if the seller accepts my offer but my financing falls through or I lose my job?

Fearbuster: The contract should contain contingency clauses designed to make it possible for you to pull out of the deal and get your earnest money refunded. A standard contingency is that your loan must be approved. If you lose your job you may not get financing.


Fear: Something unexpected will mess up the closing and I’ll be back to square one.

Fearbuster: It’s true that closing is the last — and a very important — step. There are lots of deadlines during closing and the anxiety you feel is normal. Just make sure you get a copy of your closing documents ahead of time so you have a chance to read them and ask any questions. It’s possibly a good idea to bring a real estate professional (agent or attorney) with you to the actual closing. It’s all about staying involved at each step of the way; that makes the closing glitch-less.


Related links: Home Sellers' Fearbusters