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PORTUGUES FRANCAIS GERMAN ESPAÑOL NEDERLANDERS |
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21-01-2006 |
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7 Costly Mistakes
Home Buyers Make
By Bill Carey
Buying a home is a major investment for most homeowners it’s the most
costly investment they will ever make. It is even more costly for some
because they fall into the traps and mistakes such as; paying more than
they should for a home, missing out on the home of their dreams, buying a
home that doesn’t fit their needs. By watching out for the 7 costly
mistakes you can take proper action to avoid them.
1.Real Estate Agent – your Buyer Agent should have in place a “VIP Buyer
program”, “house-hunting service” or “buyer profile system”. These systems
will match your criteria with all the available homes on the market and
send you daily or weekly emails with complete descriptions and photos.
This system can save weeks and months of home searching. If your Buyer
Agent is not internet savvy and not incorporating one of these into their
business you should move on to another agent who works in this century.
2.Paying Too Much – not knowing the market could cause you to fall for an
over priced home. You should research the local market to determine the
values that comparable homes have sold for, and make your offer based on
that information. A professional Buyer Agent will help you with the
comparables from the MLS and prepare a CMA (comparable market analysis) on
the home before you make an offer.
3.Which House is Right for You – finding a home is simple, finding the
right home is a lot of work. Determine your needs, schools, drive to work,
shopping, recreation, neighborhood, home fix ups and maintenance. Putting
in writing your needs and desires will help you and your Buyer Agent weed
through the thousands of choices you will be making in your home purchase.
4.Mortgage Pre-Approval – mortgage pre-approval can be completed over the
phone or online in 20 to 30 minutes it’s fast and easy. With a pre
approval you know what you are working with you now have the freedom of
not second guessing if you can afford a particular home. Being
pre-approved when making an offer gives the seller more confidence that
the loan will close.
5.Legal Issues – can delay a closing if not identified early in the
process. An accurate and up to date survey is not required by some lenders
or title companies but it is the way to guarantee the boundary’s of the
property and will identify any encroachments that will affect your
ownership. Title report will identify any past ownership issues of your
property such as tax liens, undisclosed owners, easements, leases and such
that could affect your ownership. Mortgage lenders require a lenders title
policy to protect their interest it is well worth the cost to buy an
owners policy for youself as well.
6.Undisclosed Repairs – a professional Buyer Agent will help you hire a
licensed home inspector to thoroughly review the condition of your home
inside and outside. They will inspect and test all mechanical systems
(plumbing, heating, air-conditioning, and electrical) and provide you with
a written detailed list with photos of all their findings. This inspection
report will at the least help you make an informed decision whether to
complete the home purchase. All items agreed to by the owner must be
inspected to insure the work was complete. You and your inspector should
do a final walk through before closing.
7.Closing Table Hidden Costs – there will be costs from the mortgage
company, attorney, Title Company, insurance, survey, utility connections,
home inspectors, pest control, taxes, escrows and possibly some old
payoffs required by your lender. All of these can add up to a considerable
amount. You must know in advance what these costs are and be prepared to
pay them at or before closing. Review your HUD-1 statement and mortgage
with your Buyer Agent before closing to insure that you know and
understand all these associated costs and that they are correct.
These are some of the major issues that will affect your home buying
process. Working with a professional Buyer Agent who will help you
identify the traps and how to avoid them is one of the more important
choices you have.
Bill Carey with over 30 years in real estate sales, investments, and home
building offers a unique perspective to the buying and selling process of
residential real estate for F*R*E*E consumer information and reports log
on to http://www.CharlotteNCExecutiveHomes.com and see "Insider Real
Estate Secrets Revealed" ...a must-read for Home-Owners and Renters! It's
a F*R*E*E 12-lesson e-course covering more than 20 topics exposing the
realities behind buying and selling a home. It Could Make(or Save) You
Thousands of Dollars
