Rookie Wrongs With MLS Listings Summary

The great thing about a rookie in any field is that you’re new, unspoiled and naïve. The worst thing: You’re new, unspoiled and naïve. That’s not always detrimental, but in working with MLS listings for the first time, it could be a disaster.
If you’ve never bought a house before, browsing the MLS listings is an exciting experience to say the least. Each turn of the page or click of the mouse is brimming with potential, possibility and pitfalls. There’s nothing like narrowing down the MLS listings to your chosen properties, arranging a viewing and finding the one that just feels “right’. But along the way, a lot can go wrong.
Though it’s easy to be blinded by soaring ceilings and fabulous flooring, you’ll be far better off if you start your search of the MLS listings with your eyes wide open.
Balancing the Budget
Putting the cart before the horse is a dangerous game. Apart from ticking off the horse, it leaves you unprepared and vulnerable, the last place you want to be as you start your journey through the MLS listings. In this case, the “horse” is the buyer’s financial situation. Whether yours is a thoroughbred or a hobbler, there’s a house out there to fit your budget. But the emphasis is squarely on “your”.
Before you examine the MLS listings, It’s crucial to take an honest look at your income and expenses, settle on a number you can easily afford, and then arrange a pre-approval for slightly less than that, just in case. Sure, your lender may offer you much more than you’ve asked for. But unless they’re prepared to kick in for your monthly payment (and they generally frown on that), the only number that matters as you review the MLS listings is the one you calculate in reviewing your budget.
Then, with a realistic pre-approval in hand, you can peruse those MLS listings to your heart’s content, secure in the knowledge that the one you pick is the one you can pay for.
Covering ALL the bases
The sole benefit to renting is that, generally speaking, you only have one payment to worry about each month. By contrast, the home you select from the MLS listings is a bit more complicated.
Essentially, it’s the real estate equivalent of the high maintenance husband or wife. Even if you feel like you’re catering to its every need by budgeting for the mortgage, closing costs and property taxes before exploring the MLS listings, it will gladly blindside you with some sizable utility bills. And by the time you’ve seen the light, your power company may have left you in the dark. Add to that your homeowner’s insurance and mortgage insurance – depending on your down payment – and the costs can multiply in a hurry.
Of course, you shouldn’t let any of this dissuade you from seeking your dream home. As long as you look closely at all of your expenses before leaping into the MLS listings, your biggest dilemma with your new dwelling will be who gets the bigger closet (as if we didn’t know).
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