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10 Dangerous Mistakes Buyers Can Make
1. Calling “For Sale by Owners”:
My questions to you are: why are they not using a REALTOR® to sell their home?
Is there something wrong with the house?
Would a Realtor not take the listing because the Seller wanted too much?
If they can not afford to use a REALTOR®, then they cannot afford to sell. Most for sale by Owners properties are overpriced. Statistics show that most people who buy FSBO’s pay more than if they had bought a home listed with a REALTOR®. Stick with homes that are listed for sale with a REALTOR®. These sellers are serious and you will be working with a professional Real Estate Agent to make the transaction go smoothly.
2. Not using the “Electronic Super Highway”:
All homes marketed by local Realtors are entered into the Multiple Listing Service (MLS). This sophisticated computerized database allows you to research the market. Knowledge is power. Your REALTOR® will use the Agent site to search the entire market for your specific needs. Why drive around blindly, scribbling down addresses and agent information, waiting for 20 different agents to call you back when your REALTOR®, with the help of the Agent MLS system, can show you all the homes that meet your needs no matter which Broker listed them for sale.
3. Not working with a REALTOR®:
My question to you is: would you represent yourself in court? It is critical to enlist the assistance of a professional Real Estate Agent that represents you! If you call an Agent with a home for sale, they represent the seller, not you. Research shows that working with an agent usually saves you money, not to mention the decrease in stress and liability. They will be able to tell you what other homes are selling for and recommend a strategy for your purchase. Agent fees are usually paid by the Seller, so to a buyer, the REALTOR®’s services are free! It pays to have an agent on your side!
4. Not being Pre-Qualified and Pre-Approved:
What can you afford? How much cash do you need to close? Sellers won’t seriously look at an offer until you’re pre-qualified. Talking with a Mortgage broker ahead of time will answer all your questions and help you find the best financing. Your REALTOR® can provide you with a list of mortgage brokers to choose from. Having financing in place will allow you to act quickly should you find your dream home. Don’t let it get away!—Be Pre-Qualified and Pre-Approved!
5. Not having your home professionally inspected by a Home Inspector:
It is not just a matter of trusting the seller on the condition of the home. Most problems that come up during an inspection are not obvious and the seller did not know about them. Saving a nominal inspection fee could cost you thousands of dollars. Your Realtor should contract for your right to an inspection. If after your offer to purchase is accepted, a structural or mechanical problem is discovered, the Seller must make the repair or you may lower the offer or release you from the contract.
6. Don’t Overbuy:
Don’t become house poor—where all you can afford is house payments. Don’t spend so much on the house that you can not afford to heat or cool it or eat for that matter! Your dream house doesn’t have to be this one! Guidelines on price should be set before you start looking for a home with the advice of your REALTOR® and lender. It is tempting to try for that extra feature or larger yard, but, without sticking to the guidelines you set you can quickly get you in over your head. Buy as much house as you can afford. It will keep you from having to upgrade sooner (selling, buying and moving are expensive). Generally more expensive homes go up in value quicker. More expensive homes also tend to be in better neighborhoods and are kept in better condition. But Don’t Overbuy!
7. Know All the Closing Costs:
Take into consideration when you are budgeting for your new home purchase that along with your down payment you will also have to pay for closing costs. Some of your closing costs will include lenders fees, title fees, lawyer fees, etc. You should contact a professional real estate agent, he or she can help you understand the closing costs.
8. Listen to the experts:
Many buyers have a vision of what they want in a house, how much they are going to pay and the terms of their financing. Be sure to consider all your options with the advice of your REALTOR® and lender. You are bound to hear things you don’t like but don’t hold your ground on principle alone without the knowledge to back it up. Look for REALTORS® who will tell you the truth even if it is not what you want to hear. A good agent will help you to detach some of the emotion so you can make a solid business decision so you can make the best decision for yourself and your family.
9. Not signing an exclusive buyer’s agency agreement:
You have the right to contract with a REALTOR® for a right to have them represent you. Hopefully your best interests are always in mind but with a buyer’s agency agreement your interests are guaranteed by law. Any serious agent will insist on having this agreement with you to protect themselves and all the time they will spend with you. This also protects you. Having this commitment from you will allow your Realtor to dedicate the necessary time and resources. Without this commitment would you expect to get 100% from a REALTOR®? Helping you find a home is what your REALTOR® does for a living. They must put their resources into buyers that are serious and loyal and if you are getting good service, why wouldn’t you want a buyer’s agent?
10. Don’t have buyer’s remorse?
No place is perfect. There will always be surprises. Don't let a few initial blips spoil the whole ride. And don't miss a great house waiting for the perfect one!
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