When you're ready to act, contact me.
I fight on behalf of my buyers.
I negotiate the absolute best price.
I protect you.
I simplify your transaction for you as much as possible.
I look forward to working with you. Here are some common things not to do to clear a trail for a happy home purchase. Here are 10 mistakes to avoid:
1. Not understanding the length of the buying/selling process. You know what happens when you make decisions based on optimism, time-on-the-market averages and generous promises from agents - the old Murphy's Law kicks in. The home-selling process is often more extensive than you think, from the early planning stages to protracted negotiations to oft-delayed closings. Sellers can take months before they formally accept a buyer's offer. Financing can get held up, buyers may have a tough time selling their old house, rough edges discovered in the final walk-through must be smoothed, etc.
2. Exposing your hand. Never let your love for a house cloud your vision. Try to contain your enthusiasm. Otherwise, the sellers and/or their agent will know they've hooked a live one and assume you may forgive certain flaws because you know the place is right for you.
3. Skipping the loan pre-approval step. For buyers, getting pre-approved for a mortgage gives you a clear idea of how much you can safely borrow, how much money you have for a down payment, plus it addresses credit-rating issues and kick-starts other financial paperwork. What's more, it identifies you as a serious buyer. Sellers with a hot property should demand nothing less than proof of pre-approval from the potential buyer's financial institution.
4. Assuming the appraisal equals actual value. In theory, appraisals are objective estimates of value. But several different appraisals can yield several different numbers. For example, an appraisal that's been done for a possible refinance may have been slightly inflated to encourage that refinance. Before putting their home on the market sellers will have an agent do a comparative market analysis to better indicate the home's worth. And buyers, get similar "comps" from your agent.
5. Timing the market. Thousands of apprehensive sellers and buyers have been playing this game since the late 1990's, trying to time their sale to either beat the 'pop' and gain optimal profits, or to swoop in and pluck up cheap property after a burst. For the most part, real-estate bubbles don't pop, they just slowly deflate and the market levels off then surges again. Always take tha approach that real estate is a long-term investment.
6. The low-ball offer is nearly over. With the number of homes decreasing and sales rising there is more competition among Buyers. Upon reviewing the comparable closed sales in the neighborhood you are looking to purchase in put your best foot forward, this means price other terms.
7. Missing the big picture. Opting for a dream house that will otherwise create negative quality-of-life challenges such as longer commutes, distant schools, limited access to services, more stringent deed restrictions, stricter homeowner associations and other chronic headache-makers can cause buyers to question their decisions after a few months. Make sure your dream house is grounded in reality.
8. Not knowing what you're signing. The sales contract is a legally binding document. Review it as if your legal well-being are at stake. It should address all your concerns and the concerns of the other party, such as who will pay what for closing costs and repairs. A poorly written or incomplete contract can cost you lots of time, money and emotional energy and tie up your deal for weeks or months. If there have been any oral commitments, they should be put in writing. Make sure your agent is proactive in the contruction and interpretation of the contract before you sign it or make concessions.
9. Poor timing. How many stories have you heard about people drowning under the weight of two mortgages because they committed to a new house before selling their old one? The most important transaction in the "buying-one-and-selling-one scenerio" is the sale. Sometimes, you have little choice in the matter, but when you do, secure the sale of the old house before signing on the dotted line for a new one.
10. Not completing your due diligence with a criminal search. In many states, agents are not obliged to tell you if there is a sex offender or other unsavory resident in a neighborhood you're eyeing unless you ask. Do so. They tell you to do your own research. Do so. Check with your area law-enforcement agency about how to access sex-offender lists and other criminal databases for this crucial information.