Pitfalls to avoid while buying a home
Buying a home for yourself is one of the most important decisions of your life. More than being a long term investment, it is an avenue you are going to spend most of your life in. Buying a home is never an easy decision and you have to steer clear of certain pitfalls to avoid the unseen upsets in your way of owning a home.
# Even after you and the seller have agreed on a price, the appraiser, i.e. the expert assigned by the bank to authenticate the home’s value may not agree with the worth of the house.
# Your lender (bank, in this case) needs to know that the home you’re buying is worth what you’re paying and if the bank disagrees with the value of the house, then your loan will not be approved.
# Your lender may demand repairs to be done before the house can be sold, keeping in mind the investment that is to be put into the property. Bank may hold up a sale if the appraiser points out even minor repairs that need to be done.
# You may think you have had a neat deal with the buyer. However, the buyer may have hidden facts from you, facts that can prove fatal to your ambitions of owning the house. If you are buying an apartment, then the builder’s credibility always takes the top spot as you would not want delay in possession of your house.
# If you are buying an independent property, then be sure of the boundaries of the property and that the boundaries are correct as stated in the agreement. 
# Financing is a deal-stopper for many buyers. As banks do not want to take the risks of bringing in any NPAs, make sure you have your figures right so that the bank cannot reject your mortgage application.
# A pre-approved loan is not always an absolute guarantee. Advise you to apply — and comparison shop — for a mortgage loan before shopping for a home. Pre-approval is supposed to pre-qualify you for a home loan and bind the lender to give you a loan at specific terms in a specific time period. But lenders may pre-approve you and later back out. More than a quarter of loans that are pre-approved are ultimately rejected.
Ask your lender how firm your pre-approval is and what else could be required. Make sure your lender provide you with documents that you’ve been pre-approved under certain conditions and they should name them as well.
