Buying a House Can Be Daunting

Buying a house is not for the faint of heart. It can be a very complicated and daunting.

It can involve a fair chunk of cash, a bunch of time, and lots of ego and willingness to negotiate.

It can involve a lot of people involved, agents, brokers, lawyers, accountants, investment people, title searchers, appraisers, contractors, roofers, insurance agents, lenders, foundation people.

It can involve lots of back and forth. Nasty things can be said and the police can even become involved. And special problems might

It can involve shady dealings, minky deals, and outright fraud and intimidation.

It can involve weaks of looking, soul searching, trips back and forth, deals falling through, or you can find your dream home on the first try.

Or, it can be simple and straight-forward. Aunt Eller might sell you her home for $1 on the condition that you allow her to keep it as is until she dies. She may trust you and not even get a lawyer to make it legal.

Or, an investor may come in with a bunch of cash willing to purchase the property without even going inside. If he's scoped out the neighborhood, determined rightly or wrongly that there's a lot of potential and he's going to just tear it down anyway so he doesn't care.

Or, you might be sitting at your dining room table on Sunday afternoon saying to your significant other, "You know if somebody came in here and right now offered us $250,000 for his house, I think we might just take it."

This happened to my first in-laws, John and Kathryn. They had a very big, beautiful, ranch house on a huge lot in a new development just outside Harrodsburg, Kentucky, overlooking a golf course with a great view of some of the state's finest blue grass. They were having dinner, and John said words to that very effect to Kathryn.

That afternoon, somebody knocked on the front door and said something like, "You have a lovely home. Would you consider selling it?" John invited them in, Kathryn fixed some coffee, pulled out one of very best Sarah Lee cakes from the freezer, and away they went. The rest is history. Which shows you can never tell.

A normal settlement involves a buyer, a seller, an agent for each one, a lender, and a title clerk. But there can be a lot to it and the more buyers are aware of what can be involved, how things work together, and what they have to do, the easier it will be. Not simple, but not as daunting.

So let's go to the beginning.

I'm trying to create a more knowledgeable buyer. How am I doing?

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