First-Time Home Buyers Guide: Part 6 of 15
Speaking of Parents . . .
How to handle parents involvedment in your purchase.
It’s awesome to have parents who want to look out for you in life. If you have parents who are like that, then they’ll probably want to look out for you when you’re buying a house — beyond just giving you money toward the purchase.
This applies to anyone, really, not just a parent. Maybe it’s a friend you turn to for advice, or who offers you support and advice, whether you want it or not.
One of the biggest problems buyers have — especially first-time and younger buyers — is having a loved one swoop in and squash their dream home. This isn’t normally done intentionally, obviously.
Let’s say a buyer looks and looks and sees tons of houses they don’t like. Or maybe they lose out on houses they love because other buyers act more swiftly. Then, they find one they love, and they’re ready to make an offer… but first: “I need to have my parents come take a look before I make an offer.”
In that moment, every real estate agent cringes and screams just a little bit inside. However, they’ll usually just smile and hold it all inside as they say, “Of course! No problem!”
This is because they know deep down inside that there’s gonna be a problem — probably more like a hundred problems. The parents will find and create every single one of them, and they’ll tell their loved one they should keep looking.
“Absolutely don’t buy this house! You can do better than this. Can you believe how much they’re asking!? They’d be lucky to get half that. The place is a total tear-down! This agent of yours showed you this piece of…”
SORRY! Got carried away. I was having a flashback.
Anyhow, it’s totally fine for parents — or anyone else — to chime in on your purchase. However, they should be involved from day one... and throughout the process… not just swoop in at the last minute and add their two cents without having seen everything you’ve seen and knowing what you (and your agent) know about the market at that point.
You’ll know what you want when you see it and that it’s a good buy. They need to as well… by being with you throughout the process. Otherwise, they’ll just end up causing you to lose out on great houses until they eventually see the light — or until you get so frustrated by them that you don’t invite them to see the house until you’ve closed on it and are hosting Thanksgiving. (If they’re still invited. Ha!)