1. It is a full time job.
You will be refreshing ReColorado every 30 minutes and getting emails from your realtor three times a day. Fill your tank with gas because you will be looking at houses EVERY. DAY.
2. It is not just you, but also your contenders.
If you are lucky that investors did not show up with cash offers, be prepared for a bidding war in $5000 increments.
3. Buy “as-is”.
Do a good inspection after your offer is accepted, but be prepared that seller is not gonna pay a dime and fix nothing. You can threaten to walk away, because your objection date is usually after the inspection. But if there were more offeres on the table, the sellers may choose to let you walk.
4. Get you finance ready to go.
Not just the down payment and the closing fees. The inspection should tell you how much cash to set aside for emergencies. Set aside at least $20000 for closing costs and that one appliance that WILL die during the first week you move in.
5. Still, do not compromise.
Buying a house is like choosing a spouse. Know what your heart desires and do not settle. You cannot even just LIKE it. You have to LOVE it. You have to love it so much that you are willing to overpay (but don’t).
6. Be patient.
The right house is there. Yes you are tired and were outbid on your last three houses. But it will come. More clear you know what you want, more solid your financial situation, quicker you will get it. Before that, be patient and have lots of margaritas.
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