What Wikipedia Can’t Tell You About Buying A House
If you look up buying a house in Wikipedia it comes up with "Movin' Out (Anthony's Song)" a song written and recorded by Billy Joel" Which I find very ironic because the song represents middle America. The working class always trying to move up in world by trading in the Chevy to a Cadillac and working super long hours that can affect your health. The lyrics also include Anthony buying a house in the upper class neighborhoods of New Jersey.
So like the song there are many people looking to move up and get out of their rental apartment, get out of mommy and daddy's house or just simply need shelter for their family to live. Regardless, Wikipedia is not able to tell you how many different emotions one goes through when they buy or sell a home. I know from experience when I bought my first house (I was not a realtor at the time) I had so many mixed emotions throughout the process. Feelings can't truly be described in a definition in a Wikipedia page. Everyone has a story of their own to tell. As I have worked with many home buyers and sellers I can tell you first hand what their experience.
Grant it there are several different feelings you will go through when you are buying a house but the first one that comes to mind is doubt a feeling of uncertainty or lack of conviction. There will be and are moments in time when you are going to be asking yourself can I really afford this home?
♦ Can I be responsible in paying that mortgage every month for the next 30 years?
♦ Will I be able to keep up with the demands of a home?
♦ Should I wait to buy a home?
♦ Should I buy vs. rent?
♦ Should I wait?
♦ What if I lose my job?
You see a wikipedia page cannot answer these questions for you, only you will know what is best for you and your family. Only you will know if you'll be able to to through the process. Once you are set and ready to do this then there will be other types of sentiments like being anxious.
You know that feeling of nervousness because you don't know what to expect going forward. You see when you first get into the transaction of buying or selling you have to give up some control to your lender, your realtor and your attorney. You will get a feeling of being uncomfortable because you might not be use to being put in that position. It is just something that happens automatically, "the unknown". You will ask yourself questions like, am I doing this for the right reasons or because my wife or husband told me so.
Wikipedia won't also tell you that when you buy or sell a home you have tons of frustration at times. Not everything will go your way and there is a lot of negotiating that goes on from price point to home inspection repairs.
I remember a seller that had a certain price point she had in mind and would not budge from that price. Well, after six months of her home being on the market she finally budged at a price of under $20,000 from her asking price. She was already frustrated due to the fact that her property was not selling and reducing the price was bad enough but the kicker was when the buyer's did their home inspection they asked for $10,000 in repairs, Yikes!
On the opposite end to that I had some buyers I worked with who were recommended a loan officer that I had never used. This was the buyer's first time purchasing a home and we closed a month later from the initial closing date. At the closing we found out that the reason the loan officer took so long is because it when he received the contract initially that was his first day on the job, Yikes! Frustration indeed. Although it's okay if that were his first day on the job but his manager was never around to help and he botched up the file in the process.
I can certainly go on and on and on at the real estate horror stories I have encountered with frustration. Such as the one time the when I had a short sale deal go dead after 2 years of working on it because the bank would never respond in a timely manner. Gosh, I don't even want to recall those days!
Talking about short sales, did you know they take a very long time to get approved with your offer? If you look up what the definition of short sale in Wikidpedia it tells you
- Short sale (real estate), a sale of real estate in which the proceeds from selling the property is less than the amount owed.
Once again this is just a simple definition, short sales are very time consuming and can eat up at your happiness throughout the home buying journey. Time is not on your side when it comes to buying a property of this nature if you end up buying a home like this be prepared to wait. There are many frustrations when it comes to buying this type of a home.
Most people don't have a wade load of cash to buy a home so they end up getting a loan. The selling process takes time and you must be ready to wait for your employer to talk to your lender, your bank to give you what you need, your attorney to respond, your realtor to show you homes, your loan officer to continually get documents from you, the appraisal to be done, the home inspection report to come in. Should I go on? Just remember time is what you will need to go through this process and additional feelings will be felt like anger, sadness, joy and disgust.
All in all at the end of the day Wikipedia will not be able to tell you how to feel when going through your home buying or selling journey. We all wish that every step will be a happy go lucky one but that is not the truth. You will go through a rollercoaster of feelings throughout the process. Whatever you do just make sure you have a great team to make the process go way smoother.
What do you think you will feel?