Deb Tebbs Group

Cascade Sotheby's International Realty

Category: Home Buying Mistakes

Bend Oregon Real Estate – 3 Things You Should Not Do With Your Down Payment

Bend Oregon Real Estate

 

 

 

 

 

 

BEND, OR. – Are you looking forward to buying Bend Oregon Real Estate? If so, you may be saving money for a down payment on a home like most people and as you get closer to buying a house you might be tempted to use that money elsewhere before you use it for buying a home.

In this article, we will share with you 3 things you don’t want to do with your down payment before using it to buy Bend Oregon Real Estate.

#1 – Don’t Put Your Money under Your Bed

Sadly, in 2016-2017 many people still put some of the money they are saving for a down payment on a home “under their beds”, or they store it somewhere else. This is a bad decision to make because it’s easy to lose cash, or it can get stolen, so it’s best to keep your money in the bank.

#2 – Don’t Want Until the Last Minute to Make Deposits

A typical lender will also want to see that the money for your deposit is “seasoned” and this means that it’s sat in your bank for at least 60 days so if you plan on buying a home in the next six to 12 months you should deposit all of the money you intend on using for your deposit into your account at least 60 days before contacting a lender.

#3 – Don’t Make Risky Investments

With a 20% down payment sitting in your bank account you might be tempted to invest that money in the stock market or another risky investment. Before doing this it’s best to ask yourself if you can really afford to lose any money at all because one loss can easily wipe out the money that you’ve worked hard to save over the years.

If you’re still thinking about investing the money that you should be using for your down payment on a home you should consider putting that money in a CD just so you can make some money from the investment safely and have that money available to use for buying a home when you need it.

Learn More

To learn more about things you should never do with your down payment, or to view Bend Oregon Real Estate, contact the Deb Tebbs Group today by calling us at (541) 323-4823 or click here to connect with us online.

Share this article

Simple Mistakes to Avoid When Buying Bend Oregon Real Estate

Home Buying Mistakes

By Deb Tebbs Group

As long time Real Estate Agent’s we’ve seen home buyers here make common mistakes when buying Bend Oregon Real Estate.

In today’s post we will break down the most common mistakes buyers make when purchasing Bend Oregon Real Estate so you can be more prepared to buy a home here.

Mistake #1 – Not Choosing a Local Lender

Although you may have found a great mortgage interest rate online it’s always best to choose a local lender for your mortgage loan needs.

Local lenders will be available to meet with you, answer your questions and concerns which you may have as you are buying a home in Bend.

Not choosing a local lender could leave you frustrated when you’re not able to contact your lender to have your questions, comments or concerns answered.

Mistake #2 – Forgetting About Your Renovation Budget

You’re excited about buying Bend Oregon Real Estate but, have you thought about how much money it’s going to take to make the home habitable for your family?

Before saying yes to buy a home make sure think about all renovation work which needs to be done first, and if possible add an extra $10,000 to your renovation budget, so you don’t get caught in the middle of your renovation and then run out of money.

Mistake #3 – Getting Caught Up In a Bidding War on a Home

Last of all, but most important, it’s always important to consult with us first about what’s really happening with home values in a neighborhood before you get caught up in a bidding war on a Bend Oregon Home.

Yes, there may be a shortage of home inventory in Bend at times but the reality is that home prices vary by neighborhood and it’s easy to make the mistake of getting caught up in a bidding war on a home when home prices in that neighborhood are actually on the decline.

Your Bend Oregon Real Estate Expert

For more tips on how to buy Bend Oregon Real Estate, or to view homes for sale across Bend, Sunriver, Redmond and other Central Oregon communities, contact the Deb Tebbs Group today by clicking here to contact us through our website or calling us at (541) 323-4823.

Share this article