1304: Things to Consider Before Closing on Your Next House by Philip Taylor of PT Money on Buying Real Estate Tips

Optimal Finance Daily - Financial Independence and Money Advice

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Investing, Self-improvement, Education, Business

4.5 • 1.3K Ratings

🗓️ 4 October 2020

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Philip Taylor of PT Money reminds you of what to consider before closing on your next house. Episode 1304: Things to Consider Before Closing on Your Next House by Philip Taylor of PT Money on Buying Real Estate Tips PTMoney.com is about helping you make extra money, save more money, and spend your money wisely--all in an effort to help you fix your finances so you can build the life you want. It was started by Philip Taylor, a CPA, entrepreneur, and blogger who started the site in 2007. He also created FinCon, the popular conference for financial nerds. The original post is located here: https://ptmoney.com/closing-on-a-house/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 1304.
0:04.4	Things to Consider Before Closing on Your Next House
0:07.8	by Philip Taylor of PT Money.com
0:11.0	welcome to another Sunday edition of optimal finance daily. I'm your host and personal
0:16.4	finance enthusiast Diana Merriam. This is the podcast where I read to you from some of the
0:21.7	best blogs in the world with their permission of course.
0:25.0	And if you like today's episode, you'll probably enjoy our other shows on topics like health, relationships, and personal development, just search for optimal living daily in your
0:35.6	podcast app to find them. But for now, let's get right to it and start optimizing your life.
0:52.0	Things to consider before closing on your next house by Philip Taylor of P.T Money.com. We recently closed on our new home purchase.
0:55.5	Hooray! I'm the newest homeowner you know. I thought it might be helpful to
1:00.4	share some lessons learned from my experience.
1:04.0	Firstly, you can still cancel the deal.
1:08.0	Even though you have a signed sales contract and signed lender application,
1:12.0	you can still technically cancel the deal.
1:15.0	Don't feel like you're completely trapped into this deal.
1:18.0	If you find a reason not to close like you lost your job or you got sick,
1:22.0	then don't take on a mortgage that you won't be able to handle.
1:25.0	Keep in mind, though, that you've paid earnest money and that might be forfeited.
1:30.0	Also, the seller could potentially sue you for breaking the sales contract.
1:34.0	Still, neither is worse than taking on a loan that you cannot pay back.
1:39.0	This is serious debt and will ruin your credit for a long time if you couldn't handle it.
1:44.0	Number two, avoid committing too much to closing day.
	...

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