Real Estate
Report:
Ready To Buy? Avoid The
Most Common, Painful
Mistakes That Cost Buyers Thousands!
By Lynn Byrne
Use A Guide!
The
home buying process is full of potential pitfalls. Most of those potential
pitfalls result from making poor decisions, including: choosing the wrong type
of home, the wrong lender, failing to get a thorough inspection and problems
with the title. The last two potential problems can cost you a lot of money and
grief!
 Do not buy without a real estate agent!
First, your agent will help navigate you through the entire home buying process
and help you avert many of these mistakes. Secondly, the seller pays your real
estate agent’s fees. Buying a home through your agent costs you nothing!
Now imagine if our other professionals, including accountants,
attorneys and doctors, cost us nothing!
Below
are the most common mistakes buyers make, which often costs them thousands of
dollars and loads of grief:
1. Not
Planning Before Purchasing.
Like
buying a car, searching for a home can be impulsive and emotional. Don’t let
one aspect of the home (its appearance for instance) be the sole factor in your
buying decision. Sit down with your real estate agent and map out a strategy. Answer
the following questions before you begin searching: 1) Where do I want to live? Do I want to commute? What area has the
highest price appreciation according to my agent? 2) How Much can I afford? The first thing you should do is have your
real estate agent help get you pre-approved. That way, you’ll save yourself a
lot of time by not looking at homes you simply cannot afford. Also, how much do
you have as a down payment? 3) What type
of home do you want? Be brutally honest with yourself.
The
point of this exercise is to make sure you make the best investment and live in the right area. Also, you don’t want to be over-extended with your mortgage
payments!
2. Not
Identifying Opportunities.
Before
you buy a home at or above market value, find out where the “deals” are. Your
agent probably knows of a several sellers in your market that are selling due
to “special circumstances”. Perhaps one seller in the neighborhood you want to
live is getting divorced. Maybe another one is being relocated by her or his
company and needs to sell fast. How will you know if a seller in the
neighborhood lost her job and is willing to sell for thousands below list? Work
with your agent on this!
3. Not
Finding The Right Lender
Getting
the right type of loan for your situation is critical. There are many lenders
vying for your business. Many are online, many are local. The difference truly
is the person you work with during the lending process. Your real
estate agent typically works with one or a handful of lenders she or he has
good relationships with. A good lender will make sure you get the right loan at
the right rate. Be careful!
4. Failing
To Get A Good Title
Nothing
can be more draining, both financially and emotionally, than buying a home with
a “clouded” title. For example, you may buy a house and learn after the fact
that the previous owner still owed a contractor $5,000 for the remaining
payment on the basement remodeling. The contractor filed a lien on the property
prior to the sale. That lien is now on your property! Your real estate agent
will help make sure the title to the property is free and clear. Also, your
agent will help you purchase title insurance.
5. Failing
To Get A Good Inspector
Like
any profession, there are good inspectors and those who tend to overlook a lot
of problems. You want an inspector that will scrutinize every aspect of the
house. Your real estate can recommend good inspectors. If you’re afraid of a
possible conflict of interest, look in the yellow pages and hire your own. Make
sure you get several referrals from past clients. Most importantly, make sure
you do not buy a house that has structural or other defects because the
inspector overlooked them! This will cost you!
6. Wasting
Your Time
All
too often, buyers waste hours in front of their computer combing through online
real estate sites. Problem is, these homes are usually not the best
deals. Save your time. Spend it on things that are important to you
. . . family, friends, work, etc. Your agent will notify you when the
right homes become available.
7. Failing
To Do A Final Walkthrough
This
is can be a critical mistake. Before you close on your home, do not assume that
all of the repairs you asked for have been done. Walk through the house before
closing, and make sure the repairs have been done. Make sure nothing else has
changed. Once you buy the home, any problems are yours!
I hope
this informational report was informative. As your local real estate
professional, I am available to answer any questions you have about purchasing
your next home. You can call me at any time for advice, and please remember
that you are under no obligation or pressure of any kind. I would very much
like to help you.
Best
Regards,
Lynn Byrne
Palmetto Realty Group
www.lynnbyrne.com
386-566-7503
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