How to Avoid Costly Mistakes Made by Many First-time Colorado Springs Home Buyers
This is a must read for all Colorado Springs First Time Home Buyers. Debe Maxwell of Charlotte, South Carolina, provides great advice for her first time home buyers and has allowed other agents to share the information.
For Colorado, when a buyer utilizes the seller's agent to purchase a home, that agent must enter into the role as a transaction broker and becomes a neutral party to both sides of the transaction. This is not what a first time home buyer needs, they need a fully functioning buyer's agent that can watch out for their best interest and provide advice. I agree with Debe on this issue, do not call the seller's agent to view a home, call a qualified buyer's agent to help you through the most important purchase of your life.
I also agree with Debe's comment about making an unappealing offer. If you need the seller's assistance with closing costs, take this into consideration when making the offer. In northern Colorado Springs, homes in our market are getting more than 95% of list price, even though we are in a buyer's market. If you really want to purchase the home, make an offer the seller can't refuse.
How to Avoid Costly Mistakes Made by Many First-time Charlotte Home Buyers
Buying your first Charlotte home is exciting, but it can also be expensive, especially if you’re unaware of the mistakes frequently made by many first-time home buyers. Here are a few common mistakes which many first-time home buyers make and how to avoid them:
Driving the home buying road alone: Buying a Charlotte home involves a lot of small (and big) details, many of which even an experienced buyer is unaware. Additionally, buying a home is one of the most expensive purchases you’ll most likely ever make. What does this mean? You NEED a professional on your side.
Hiring your relative: Although your cousin (or cousin’s best friend) may be a real estate agent, it doesn’t mean that they are the right agent for you. Do your homework. Interview at least three buyer’s agents to find the perfect agent who meets all of your criteria. If your cousin meets all your criteria, then hire him or her but, only after you’ve done ALL of your homework.
Working with the listing/seller’s agent: One of the most costly mistakes that a home buyer can make when buying a Charlotte home is working directly with the agent who is selling the home that you wish to buy. They are not looking out for your best interests no matter how they spin it. They are looking out for the best interests of their seller; they have an established relationship with that seller--they could even be their cousin. Instead, hire your own buyer’s agent.
Assuming your lender is giving you the best deal: Lenders are not required to give you the very best terms. It’s your responsibility to shop for a mortgage the same way you shop for anything you buy. Consider this: You’re not just buying a home; you’re buying a very expensive financial product -- a mortgage loan. Getting the best mortgage terms can save you thousands of dollars. Insist on the best mortgage terms, or find a new lender who’s willing to give them to you. Your real estate agent can recommend the best lenders to suit your mortgage needs.
Making an unappealing offer: Yes, this is most definitely a buyer’s market, but that doesn’t mean sellers automatically accept any offer that comes their way. Make your offer impossible to resist by offering the highest price you can, making the largest down payment possible, getting pre-approved for a mortgage and attaching a copy of the pre-approval letter to your offer.
Forgetting about resale potential: Statistics show that the average first-time home buyer only stays in a home for four years. That means you need to consider the home’s resale potential now, before buying it. You may love the hustle and bustle of life on a busy street, but the majority of buyers do not. You may only need 1 bathroom, but the average buyer wants 2 or more bathrooms.
If you have any questions about buying your first Charlotte home, or avoiding the mistakes many first-time homebuyers make, give us a call or email us today!
Charlotte North Carolina Real Estate - Charlotte NC Relocation Information
Debe Maxwell, CRS, Realtor®/Broker
Savvy + Company Real Estate
1920 E. 7th Street
Charlotte, NC 28204
Mobile: (704) 491-3310
Fax: (704) 353-7014
Email: debe@debemaxwell.com
More information on Charlotte than you'll ever need!
Comments(0)