There are several things that could cause problems when trying to purchase or sell Real Estate-here are the top 10!
On stage: Not staging your home for sale will most likely cost you more time on the market and could affect your price too. Most buyers will notice more negatives in a vacant home than in a home that is staged well.
What's wrong: Get a professional inspection. Trying to save a few hundred dollars could cost you thousands. The professional will have special tools to check the electrical, plumbing, moisture and much more.
The "A" Team: Be a partner in your sale or purchase-you have hired a professional Realtor so be up front and communicative about everything during your transaction.
Homework Time: Do your research on the house, neighborhood, schools etc. There are some things you need to discover for yourself and you can meet some new neighbors in the process.
Cha-ching! Looking for a quick return on your investment? It is not likely in Real Estate, however many have done well by holding onto their Real Estate through several ups and downs of the market.
Do-It-Yourself: Not hiring a Realtor or picking the wrong Realtor can make the difference between a smooth or rocky transaction. Interview Realtors and get someone you trust and want to work with.
What is the neighbor's house worth: Study the competition and don't be the most expensive house on the block. Property records are usually open to the public on the web so check out the neighborhood and know hard figures. Do not rely on some website that can be off in value by $100,000 (there are several out there).
Read It: Not understanding what you are signing. Ask for an explanation of what you will be signing prior to making an offer so you have time to review and ask questions-don't wait until you have just seen 10 houses, are tired and you just want to sign anything and go home to rest.
Stars in your eyes: Buying a home for its fancy finishes (stainless appliances, granite countertops, designer paint) instead of its location and the homes functionality.
Get a loan: Not being pre-approved for a loan prior to shopping can have you looking at homes that you cannot afford and being disappointed when looking at homes in your price range. A pre-approval letter is often required by Sellers prior to reviewing offers.
In any market these are all items that you can easily fall into and make a terrible mistake. Hopefully this helps make your next Real Estate transaction a better experience. I'm a Realtor with Coldwell Banker in Fort Collins and a lifelong resident.
Scott J Lee