I (well, we) bought a rental property a few years ago. The process was a piece of cake really. Our realtor took the bull by the horns and charged on through. Everything was handled, gotchas caught, tell us where to sign, done.

Monday we close on a townhouse and the experience has been very different. Rather than tirade about the details here’s a summary of what I learned:

• Don’t use a mentor-less novice realtor: they mean well but don’t know the details that make you pull out your hair. Even if they “partner” with a seasoned realtor, think twice.
• Get a safety inspection performed very quickly after the seller accepts your offer: if you, the buyer, are crunched for time you lose negotiation power.
• Have ready cash reserves: at every corner you need to spend money you didn’t expect (inspections, buying down points, repairs the seller won’t); how much additional to your deposit/down payment? Thousands.
• Be ready to walk away: depending on your market the seller may shrug off significant repairs they caused. Informing your agent, lender, and escrow officer that you’re considering bailing out really gets things moving.

In all, it’s been more difficult to buy in California than it was Dallas. Perhaps it’s the difference between a Buyers Market and a Sort-of Buyers Market and the expertise of the parties involved.

Whatever the case, your home-buying knowledge, ability to make (and keep) a plan, and intuition (gut feeling) wil keep the ship on course.

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