Common Buyer Mistakes - Utah County Real Estate
By: Robert A. Hulme - Realtor - Loan Officer -Utah County, Including Provo, Orem, Pleasant Grove, American Fork, Lehi, Highland, Alpine and Cedar Hills, Eagle Mountain, Payson, Saratoga Springs, Spanish Fork, Springville, Mortgage Xpress, Agent
When it comes time to shop for a new home in Utah County, many new experiences start to happen. It can be a very emotional time. It can also be very time consuming and usually comes with a myriad of details. Some buyers however, get caught up in the excitement of buying a new home that they tend to overlook some items. Their home purchase turns into an expensive process. Common mistakes generally fall into three areas.
Paying too much
Losing a dream home to another buyer
Buying the wrong home
When you have a systematic plan before you shop, you'll be sure to avoid these costly mistakes. Here are some tips on making the most of your home purchase.
Bidding without sufficient information
What price do you offer a seller? Is the seller's asking price too high? Is it a good deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional Realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.
Buying a mis-matched home
What do you need and want in a home? Clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn't consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a Realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.
A professional inspector should conduct an inspection of the home. This way, you will have an idea of the cost of future repairs. Make your final contract subject to what you may find in the inspection.
Shopping with pre-approval
Getting a pre-approval with a Loan officer is essential. This gives you a lot more power; a seller is more likely to consider an offer from a serious pre-approved buyer.
Additional Fees at Closing
Beside the funds for the purchase of a home, you will need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.
Rushing the closing
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don't rush. You could lose money, financing or even the sale.