no matter which way you look at it buying a home is a major investment. But for many home-buyers, it can be an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap them into either:paying to much for the home they want, or losing their dream home to another buyer or, worse buying the wrong home for their needs.
a systematized approach to the home-buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that's best for you. This important report discusses the 9 most common and costly of these home-buyer traps, how to identify them, and what you can do to avoid them.
1. What price should you offer when you bid on a home? Is the sellers asking price too high, or does it represent a great deal. If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bidding blind. Without this knowledge of the market value, you could easily bid too much, or fail to make a competitive offer at all on a excellent value.
2. what are you looking for in a home. More than one buyer has been swept up in the emotion and excitement of the buying process only to find themselves the owner of the house that is either too big or too small. Maybe they are stuck with a longer than desirable drive to work, or maybe there are alot of fix-ups that they really want to deal with now that the excitement has died down. Take the time upfront to clearly define your wants and needs. Put it in writing and use it when you are viewing homes.
3. Always make sure that the title search has been done. Make sure that you own your new home free and clear. You would not want to discover that there are any liens on your property, undisclosed owners, easements, leases or anything else. Be very cleaar on these issues.
4. Part of your offer to purchase should include a request for an updated property survey which marks the boundaries. If the survey is not updated there may be new additions, a swimming pool was installed or a neighbour's fence or etc. Be very clear on these issues.
5. Not every seller will own up to every physical detail that will need to be attended too. Ensure that you conduct a thorough inspection of the home early in the process. Hire and independent inspector to objectively look at the home inside and out.. Make the final contract to reflect what is found in the inspector's report. The inspector should be able to tell you of anything that might need fixed and the cost of doing so. Take this in to consideration when purchasing the home. This may reflect the price they are charging.
6. When you have a pre approved mortgage you can shop for a home with a greater sense of freedom and security. Great to know that the money will be there when you are shopping for your dream home.
7. If the seller fails to comply with the contract by neglecting to attend to repair issues or changing the agreement in some way this could delay the closing. Agreement ahead of time on a reduction in price should be negotiated if these repairs are not done by the closing date. Prepare a listed of these things and check them off as they are done.
8. Make sure know of all cost before you buy. When a transaction closes you should know what you will be paying. You do not want any surprises. Yow will have fees such as loan disbursements charges, underwriting fees, lawyers etc. Your realtor can also help you understand what charges you will have to pay. Your lawyer can also be helpful with this.
9. Take your time at the Closing of the transaction read all paperwork before you sign. Make sure that the papers perfectly reflect you understanding of the transaction. Make sure the interest rate is correct. Make sure everything is covered.Do not rush this process.
I OFFER A BUYER HOUSE HUNTING SERVICE WHICH TAKES THE GUESSWORK OUT OF FINDING JUST THE RIGHT HOME THAT MATCHES YOUR NEEDS. THIS WILL CROSS-MATCH YOUR CRITERIA WITH ALL AVAILABLE HOMES ON THE MARKET AND SUPPLY YOU WITH INFORMATION ON AN ON-GOING BASIS THIS CAN BE SENT DIRECTLY TO YOUR EMAIL ADDRESS. THIS CAN HELP YOU AFFORDABLY MOVE IN TO THE HOME OF YOUR DREAMS.