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RSS FeedEleven Mistakes Buyers Almost Always Make |
Categorized in: Buyer Information
Tagged with: home buyer mistakes
Eleven Mistakes Buyers Almost
Always Make When Purchasing A Home!
1. Making Too Low an Offer
You would be surprised at how many dream homes are lost because of the buyer’s inability to move a little on price, terms, or concessions. Remember that $5000 in today’s loan market increases your monthly investment $35.82 per month – the cost of an average dinner out and hardly a price worthy of giving up a lifetime of satisfaction. Follow your professional advice if you really want the property!
2. Not Using Your Real Estate Professional Team
Lenders, Abstract/Title, Inspectors, and Facilitators are all important members of the purchasing process. They must be the best and they must work together. Remember, your agent is the best coach in assembling the team!
3. Not Getting a Professional Inspection
Your real estate agent can point out obvious defects; the appraiser, whether FHA, VA or Conventional can also point out some defects. Therefore, we recommend a professional inspection (structural, mechanical, plumbing, electrical, etc.), who puts on the overalls and crawls below, in and above your future investment to write up a complete report.
4. Not Differentiating Needs, Wants, and Dreams
Write down your minimum needs, then the “what would be nice” items, then the “in my dreams” items. A great agent always fulfills your need without exceeding your financial capabilities, and usually surprises you with many of your wants and dreams.
5. Getting Financing to Match Your Ownership
When counseling with your agent regarding your purchase, your financing terms have to be consistent with your ownership. For instance, if you are not going to stay in the property long, then get a variable resistant financing so you have the lowest interest rate during your time of ownership, plus an assumable loan (probably) when you sell. Long Term ownership? Go for a fixed loan so you can lock in a market rate for 30 years.
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