Home2Own

Nine Mistakes the Buyer Should Avoid

1) NOTE KNOWING WHO THE REALTOR REPRESENTS
Buyers should understand who the realtor works for. The best way to find out is to simply ask. If the agent is working as a sub-agent representing the seller, they will work for the seller's best interest rather than yours.
2) FAILURE TO USE A PROFESSIONAL REALTOR
Many buyers think it costs them more to buy real estate when they use a realtor. This is not true! Realtors are almost always paid from the commission that the seller is charged.
3) NOT KNOWING YOUR RIGHTS/OBLIGATIONS WHEN PURCHASING REAL ESTATE
Poorly written clauses and faulty assumptions can cost you money and can lead to void contracts. Always use a competent realtor to draft and explain a binding Offer to Purchase.
4) NOT REVIEWING A COMPARATIVE MARKET ANALYSIS BEFORE MAKING AN OFFER
If you do not have a clear understanding of the market values in the area you are buying into, you will probably pay too much.
5) FAILURE TO GET PRE-QUALIFIED BEFORE LOOKING AT HOMES
If you do not have an understanding of how much you can afford, you are setting yourself up for emotional and financial heartache. An interest guarantee will help protect you from fluctuating interest rates and help you project your monthly costs.
6) ALLOWING EMOTIONS TO OVERCOME REASON
It is important that emotions be validated by facts and reason. Buying a home is a very exciting and stressful time. Always seek professional guidance to achieve the very best results.
7) FAILURE TO UNDERSTAND DIFFERENT NEGOTIATION STYLES
Submitting a very low offer will often create inflexibility and can freeze the offer completely. A strategy based on facts and a win-win concept will allow the buyer a chance to achieve the best price possible.
8) NOT HAVING A PROFESSIONAL HOME INSPECTION
The money you spend on a competent home inspection may be the best money you ever spent on real estate. You must know of any major deficiencies or potential problems that might affect your decision.
9) TRYING TO TIME THE MARKET
A good real estate deal is a good deal whether the market is hot or cold. If you plan to wait until market conditions are perfect, you might be waiting for a very long time.

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