Are you looking to purchase a new home in 2008 or in the near future? Then read these mistakes to avoid making them so you have a quick and smooth buying process! I recomment contacting a local real estate agent for expert advice when buying or selling a home!
Mistake #:
1. Making an offer on a home without being requalified:
Being prequalified by a lender will make your life easier. They ask you questions relating to your income, debt, etc. and this will help you determine the price range you can afford to look in. This is an important step, so don't pass it up. Some offers made on homes require to see a copy of a pre-qual letter!
2. Limiting your search to open houses, ads or the internet alone:
Keep in mind that homes you see in the paper, or real estate magazines, or on the internet may already be sold! Listings are less likely to be checked, or updated when dealing with these advertisement avenues. If you contact a Realtor, they have up-to-date information from the MLS system that the general public does not have access to. Realtors are the best resource to help you find a home!
3. Choosing a real estate agent who does not work for you or is not committed to forming a relationship with you:
Choosing the right Realtor to assist in your home buying process is crucial. Choose a professional who is dedicated to serving your needs before, during and after the sale.
4. Thinking there is only one house out there for you:
Buying a home is a process of elimination, not just selection. Properties are always changing and new ones are added daily. As your Realtor for a comparative market analysis which compares similar homes that are for sale now or have recently sold.
5. Not considering long term needs:
Will the home you are choosing suit you in 3-5 years if your plan is to stay a long time?
6. Not knowing total costs involved:
In the beginning of the buying process, ask your Realtor or lender for an estimate of closing costs. Good Realtors should already provide this for you! Title company or attorney fees should be considered. Pre-pay responsibilities such as Homeowner Association fees and insurance must also be considered. Examine your settlement statement closely before closing on the home.
7. Not examining insurance issues:
Purchase adequate insurance. Advice from an insurance agent recommended by your Realtor can provide you will clear answers to concerns you may have. It's a good idea to purchase a Home Owners Warranty or home protection plan. This usually covers minor repairs you may face and is a nominal fee written in the purchase agreement. You may even ask the seller to help with Buyer's Closing Costs to save money! Your Real Estate agent will be able to help you choose the best option.
8. Not following through with concerns before the purchase:
Buyers should make a list of any concern they have relating to broad issues such as schools, crime, neighborhoods, utilities, environmental conditions, etc. Ask your Realtor these important questions before you make an offer on a home. If you follow through, you will be confident with your purchase!
By Lauren Olson
Resource for this article "Deadly Mistakes Buyers Make When Purchasing A Home" Buffini & Co.
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