No matter how you look at it, buying a home is a major investment. For many home buyers, it can be an even more expensive process. They fall prey to some of the many common and costly mistakes, which trap them into either paying too much, losing out to another buyer on their competitively priced dream home, or, worse, buying the wrong home for their needs.
A report titled "9 Buyer Traps and How to Avoid Them" discusses the 9 most common and costly of these home buyer traps, how to identify them, and what you can do to avoid them. Among the major traps:
1. Bidding Blindly. By not researching recent comparable home sales to make sure you don't either over bid or under bid.
2. Undisclosed Fix-ups. You should hire an independent inspector to objectively view the home inside and out and make the contract contingent upon the inspector's report.
3. Hidden Costs. Obtain a projection of total charges (Good Faith Estimate) from both your lender, and your Realtor prior to signing an Offer to Purchase, so you avoid hidden surprises at the time of closing.
A systematized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that's best for you.
For a copy of the full report, or answers to your real estate questions, contact kbatterton@remax.net.
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