10 Deadly Sins of Buying

Here are some helpful tips from other buyers who are ready to go through the process!
 
  1. DO NOT BUY A HOME UNTIL YOUR LEASE IS READY TO EXPRIE OR YOUR FORMER HOME IS SOLD. Making two payments can be financially straining.  While it is very tempting to want to purchase a home when you make a moving decision, many times the pressure of wanting to move will cause you to negotiate from an emotional position instead of a business position.

  2. NOT GETTING A PREAPPROVAL LETTER PRIOR TO LOOKING.  It is best to know what your limits are before you begin your search.  Sellers give the best price and terms to Buyers that they know will be able to buy their home.  The way to prove this is to have a preapproval letter from your lender prior to making and offer.

  3. EVALUATE NEEDS VERSUS YOUR WANTS HONESTLY.  You may want a pool but you need a garage or larger home. There is a huge difference. Be sure to plan for the future when considering your purchase. Weigh your needs and wants and decide what is most important to you in a home and tell your REALTOR® what they are to assist in finding that home.
     
  4. NOT DOING A HOME OR PEST INSPECTION.  There are sometimes unforeseen problems with the appliances, structure or pest issues in any home, resale or new that your are buying.  You can avoid potentially huge repair costs by having a licensed home inspector and pest inspector inspect the home during your purchase contract due diligence period. 

  5. NOT LOOKING AT COMPARABLE SALES TO DETERMINE AN OFFER PRICE.  Your REALTOR® can provide you with comparable sales information for the property you are considering.  Go over the information with your REALTOR® to determine a range and stay within the range.  Offering too little for the property will sometimes cause you to lose your opportunity to another offer and you do not want to pay too much for the property. 

  6. WORKING WITH MORE THAN ONE REALTOR® AT A TIME.  REALTORS® all work from the same data base of properties.  You should work with a REALTOR® you trust and one working in your best interest.  Choose a REALTOR® who is knowledgeable and experienced, while may not always tell you what you want to hear they will guide you in purchasing the home you choose with the least amount of inconvenience at the best price and terms.

  7. MAKING OFFERS WAY TOO LOW FOR THE MARKET.  Most sellers will at least counter offer a low offer if they consider it serious; however, they will not even consider an offer they consider insulting or not serious.  This is the fastest way to damage your negotiating position.

  8. NOT WORKING WITH A REALTOR® WHEN BUYING A NEW HOME.  New home tract salespeople work for the builder, not for you.  If you want the best possible negotiating position, you should be represented, after all the builder is represented by his salespeople on the tract. REALTORS® know concessions offered by builders and know the new home market as well as the resale market.  It does not cost you any more to have proper representation. 

  9. NOT ADJUSTING  YOUR CRITERIA TO FIT YOUR PRICE RANGE.  Everyone has a dream home, but sometimes it is out of your price range.  It is very frustrating to look at homes you cannot purchase and makes it difficult to like a home your can afford.  Sometimes in order to get the right home you have to adjust the area or to get the right area you may have to adjust what you want in a home.

  10. REFUSING TO OFFER A REASONABLE EARNEST MONEY – Earnest money demonstrates a good faith offer to purchase the property.  It applies toward the down payment and costs you will be paying at closing.  Not offering any earnest money or offering a very low earnest money reduces the viability of your offer in the eyes of the Seller and make it look as though you cannot afford the home.

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