Why Do So Many New Home Buyers Have Regrets?

According to a survey by Chase, more than half of new home buyers have regrets.

Some regret settling for a house that wasn’t what they really wanted. Of course, since financial restraints dictate what a person is able to purchase, that could have been a choice between buying something less than perfect and remaining a renter.

Some regret choosing the neighborhood and wish that they’d done a bit more due diligence before making a decision. Among other things, they wish they had a shorter commute to work.

Meanwhile, a majority of the regrets centered on the mortgage process. More than half of the respondents wished they had known more about the financial process and the financing options. Forty percent said it took much longer than they expected and about a third said that owning a house costs much more than they anticipated.

Who is at fault here?

It’s easy to say the buyer/borrower is at fault for not doing a more careful check of the neighborhoods, not determining how much space they actually needed in a home, not asking enough questions, not asking the right questions, and not exploring enough financing avenues.

But are they at fault? Perhaps when it comes to determining the size of the home they need, you could say yes. For the rest, we’d have to say no.

While a real estate agent isn’t allowed to “steer” people to specific neighborhoods, they can encourage buyers to do their own research, and they can point them to the right websites to do that research. They can also remind buyers about that commute, and suggest that they choose a home that won’t keep them on the road for hours each day.

Diligent REALTORS® also explain the loan process to their clients, so they know what to expect at each step from making an offer through closing.

When it comes to financing, we believe their lenders are at fault.

Here at the Mike Clover Group we take the time to explore each client’s options and to explain those options to them in a manner that’s clear and comprehensive. Almost all buyers have choices between loan products, and we want our clients to choose the option that’s best for them.

We also take the time to explain our process – so they understand what’s going on from the time we take their application until the loan is closed and the house is theirs.

We believe all lenders should do the same, but unfortunately many do not.

Because we encourage our buyers to become pre-approved for their loan before they begin shopping for a home, our loans close in record time.

While banks might take 45 to 60 days to close a home purchase loan – and sometimes longer – we promise 30 days, and we uphold that promise. We also promise low fees, and uphold that promise as well.

So if you’re ready to become a Texas or Washington state homeowner, call the Mike Clover Group today at 1-800-2232-7409 or apply on line at http://www.mikeclover.com.

We’ll be happy to get you pre-approved and financed without regrets.