Buying a home is often synonymous with realizing the “American Dream.” However, a recent study shows that a home purchase often induces anxiety in first-time buyers.
There are several reasons why people might find buying a new home to be nerve-racking. One reason why people become so nervous when buying a home is that they are unfamiliar with the process and find it to be difficult and confusing. Interestingly, only about 30% of surveyed homebuyers had actually taken a homeownership class before beginning the process of buying a new home.
The complexity of buying a home and qualifying for a mortgage can be so overwhelming that many homebuyers simply accept the real possibility that they may make an expensive mistake during the process. In fact, many survey responders acknowledged that they had already made costly errors as they attempted to close a sale.
Another concern is discrimination. Despite the existence of fair housing and fair credit laws, many people believe that they have been discriminated against in the home buying process on the basis of race, ethnic origin or gender.
While it is true that buying residental property may be the most significant purchase a person might ever make, it should not cause purchasers undue stress. Individuals who are concerned about making mistakes during their home search or mortgage underwriting may benefit from taking a homeownership class and seeking the advice of an experienced real estate attorney.
An attorney may be able to protect buyers by reviewing contracts and other legal documents. In addition, a lawyer may work to protect a buyer’s interests at closing and during negotiations with lenders and sellers.