(Pt 2) How to Keep Your Real Estate Purchase Agreement on Track

By: Melissa Dittmann Tracey

8 Tips to Keep Your Real Estate Purchase Agreement on Target

Rookie home buyers may be at risk for missteps that could compromise the purchase. Here are eight tips to help you stay on the right road:

Home Purchase Tip 1: Find a Real Estate Agent to Represent You

Find one or ask a friend or relative for a recommendation. Your agent will negotiate on your behalf and help you meet critical deadlines in your home purchase.

Home Purchase Tip 2: Get Preapproved Before Making an Offer

Lenders will review your finances to make sure you qualify for a mortgage and tell you what you can afford. Being preapproved helps prevent surprises when finalizing your financing after you’ve found a home.

Home Purchase Tip 3: Stay on Top of Real Estate Purchase Agreement Deadlines

You’ll have contractual deadlines for completing inspections and finalizing your financing. “Even small delays can push back the closing date,” Emory says.

Home Purchase Tip 4: Shop Around for a Mortgage

Gathering quotes from multiple lenders could save you on average $212 a month, or $2,547 a year, according to LendingTree.

Home Purchase Tip 5: Consider All Loan Products

Loan products like Federal Housing Administration loans or first-time home buyer programs may help you qualify for a mortgage and save money.

Home Purchase Tip 6: Steer Clear of of Big Financial Changes

Don’t open up new credit cards or make big purchases before closing. This could affect your credit and even make you ineligible for a mortgage.

Home Purchase Tip 7: Budget for Costs Beyond the Down Payment

Factor in closing costs (typically 2% to 5% of the purchase price), the earnest money deposit, property taxes, and homeowners’ association fees, if applicable. “Things in homes always break down, so people should put aside a budget for anything that will need fixing,” says Lawrence Yun, chief economist at the National Association of REALTORS®. “A rule of thumb is to anticipate 1% or 2% of the home price for potential maintenance.”

Home Purchase Tip 8: Communicate Clearly With Your Real Estate Agent

Always keep the lines of communication open with your real estate agent, Emory says. “If you’re unsure of anything or need clarification, ask questions. Clear communication can keep everything running smoothly.”

Published: June 17, 2025