A CAPABLE REALTOR SAVES YOU
TIME, MONEY, AND MISTAKES.
Many buyers end up with the home of their dreams only to find numerous problems
and needed repairs later. Moving too fast can sometimes complicate a real estate
transaction. Listed below are some common mistakes and how to avoid them.
Divulging too much information to anyone. Never admit your love for a particular
house or how much you are willing to pay for it.
Overpaying. To determine what a house is worth, ask for a list of comparable
homes sold. This will contain information on similar homes in your area and what
they sold for. Make sure they are recent.
Working directly with a seller, or a seller's agent.
This will assure you of having nobody on your side looking out for your interests.
Not hiring an home inspector. You have the option of making any offer contingent
on a home inspection. Make sure you accompany the inspector on his tour.
Omitting a contingency for mortgage approval. This allows you to void the
contract if you cannot find acceptable financing. The terms you desire should
be expressly spelled out.
Not buying owners insurance. The insurance lenders require you to purchase
only covers their interests. A separate buyers policy is available with cost
savings if ordered before the closing.
Letting a seller stay in the house after closing, or a buyer move into the
house before closing. If you do, one of a host of problems can develop including
the fact that the sellers then become a tenant, with all tenant rights.
Not itemizing what conveys. Obtaining a list of all items, including personal,
which will be included in the transaction, is simply prudent.
Not specifying timed deadline language on a home purchase offer. Without this,
the opposing party can shop for a better deal without worrying about loosing
Overton Factor Articles
Information provided by this website is general and is not a substitute for professional
advice. Please consult your investment advisor and/or attorney before entering
into any transaction.