It is amazing the stories I have heard from Home Buyers in reference to the mistakes they've made through the entire purchasing process. Some of these mistakes have cost MEGA Dollars. Here is a list of what I've heard down through the years that you would be wise to pay attention to.
I failed to learn about a problem I had on my Credit Report
Do you really want to buy a house? Before looking at one listing or visiting even one Real Estate site, you should go to a Credit Reporting Agency Site and check out what your Credit Report and Scores say about you. Failure to have this in order can cost you in interest (translated dollars), heartache (translated being turned down for a loan) and sometimes pure embarrassment. You can and should know what your report says before sitting down with a Loan Officer.
I didn't take time to shop for a Mortgage
I have a friend who just finished with his mortgage and he told me that he had contacted three different Mortgage Companies. He had offers from 5% - 5.75% with a varying amount of money required down. Because he shopped, both he and his wife saved tens of thousands of dollars based upon a thirty year fixed mortgage.
I thought I could go it alone and NOT use a Realtor®
Note my credentials: I am a Realtor® in Virginia and a former office manager of a large well known Real Estate company in Northern Michigan. My wife has held Real Estate credentials in Michigan, but we never, never, never represent ourselves in Real Estate Transactions! I know some Realtors® do but we've chosen not to. We so much believe in representation that we employ the services of another Realtor® that we have confidence in for all of our purchases. When you go it alone, you might just miss something of significance. Besides, the seller in most instances pays your Realtor® fees so why would you choose to NOT hire a Licensed Professional? Check out this previous blog as to why you need representation. Click Here
I was convinced I could use more than one Realtor®
It is smart to speak with or interview multiple real estate agents before you begin to look at houses or list yours for sale. Then, choose one you believe will best represent your interests. When you've chosen a Realtor®, you will sign a contract. Remember, once you've signed a contract, it will then be a breach of contract for you to work with another agent. Besides, you probably expect the highest level of commitment and loyalty from your agent, so it would only make sense to demonstrate your loyalty and commitment to the person you've chosen to represent you.
I wish I wouldn't have Spent so much for my House
Remember this: Just because you are approved for $500,000 doesn't mean you should spend that much. Perhaps $375,000 would be better so that you are NOT Real Estate poor! After the newness of the houses wears off, you might just want to go out and see a movie, take a vacation or go out to dinner. Buying somewhat of a lesser house will enable you to do this.
I really did believe I could do it ALL on the Internet
Despite advertising claims to the contrary, the internet is not a substitute for an experienced Real Estate Professional. It cannot consult, counsel, advise, have knowledge of local laws and market conditions, make judgments, or most importantly, understand your individual goals, needs and care about you as a Client. You need an accurate interpretation of any information you are receiving online. You need a Realtor®.
I somehow forgot in the height of my excitement - it IS about location, location, location
I've sold many houses and helped many purchasers buy houses. One thing is true: Location has a lot to do with future value. If it's a three floor Condo building - the top floor, end unit will probably bring in more and be easier to sell than a lower level unit (but check with your Realtor). A house backed up to trees on a quiet street will be easier to sell than a house backed up to a super highway and NO trees.
I thought the Builder was trustworthy and failed to become familiar with his reputation
If you are considering a new house, think about the builder's reputation. What do you know about him, his company, his customer service, his construction workers, his sub-contractors and most of all - have you checked with any of his previous clients who have purchased homes in the past? Don't forget, even with a New Home Builder, you can (in all probability) use your Realtor.
I believed what the Seller said rather than getting it in Writing
I know a wonderful family that moved into a house 26 years ago. They were told by the previous home owner the land behind them would never be developed. In fact, they were under the belief there would always be trees to enjoy with plenty of deer to observe. Perhaps you've already guessed it! The trees disappeared at year 23 and now the land is built up with Condos. Get it in writing!
I failed to do my homework
Finally, homework is essential in preparing to shop for a house. You should read, study, and spend time researching. You should do your homework on your Realtor®. You should study your location, churches, schools, and shopping. Make yourself aware of future plans for development by the city, state, and county. You should know the Association rules and that most Associations stand by them. Are they acceptable to you? Homework is critical!
David L. Burrows, Realtor®
Envirian of Warrenton, Warrenton, VA 20186
Phone: (888) 673-7866 x119
Sellers: I would encourage you to employ a Realtor to help you sell your home. When your agent or another agent is showing your house, go away and let them do your work for you. I also urge you to utilize my FREE SELLERS TOOLKIT before selling your house.
Buyers: I would encourage you to really check out anything and everything you are told by a well meaning seller. Employ the services of a Buyer's Agent to help you discern what you read and listen to about the area you are thinking of calling home. I would also urge you to get my FREE BUYERS TOOLKIT before heading out on the journey to find your new house.
Try this link to help you find your next home: Fairfax Homes For Sale - When you land on the main page try one of our custom searches listed on the bottom of the page. No registration is necessary for the Fairfax MLS general search on my site. If you check the box to receive automated updates sent to your email, you will be required to give us your name and a valid email address.
Northern Virginia Information - Here you will find answers to your questions about schools, auto registration, taxes, things to do this weekend, popular destinations. It only takes a moment to look and it is free with no registration required!
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