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9 Costly Mistakes Buyers Commonly Make

The 9 costly MISTAKES buyers commonly make

The first is: Don’t do it alone.

Buying a house is a complex transaction.
An expert REALTOR is your trusted advisor, expert negotiator,
and a facilitator to guide you step by step through the entire transaction.

Today we are going to talk about the 9 costly MISTAKES buyers commonly make

The first is: Don’t do it alone.

Buying a house is a complex transaction. An expert REALTOR is your trusted advisor, expert negotiator, and a facilitator to guide you step by step through the entire transaction.

#2. is Don’t Buy at first sight – think about it.

You may be in love with the place, but does it fit your family’s wants and needs, plus is it within your budget?  Make sure the house fits these requirements.

 

 

#3 is A major mistake. That is Not getting pre-approved.

Being pre-approved vs. pre-qualified means a lender has verified your information and

credit rating and agreed to provide you with a specific amount of money. You are in a better position to go house hunting with this financing commitment.

#4. Is Don’t Overbuy.

You may qualify to borrow more, but can you afford to?

Analyze your monthly costs: debt, food, transportation, entertainment, and savings. As a general rule, you are pretty safe if your total monthly debts, including your mortgage, is less than 36% of your gross income before taxes.

Be sure to have enough saved to cover closing costs, plus settling in expenses and ongoing costs of homeownership.

  1.  Be careful about Misplacing your trust.

No matter how much you like the agent, sellers, inspector, remember this is a business transaction. Do your own research. Make sure you verify and agree with the advice you are getting.

#6.  Don’t Rely on oral agreements.

Get it in writing. Oral agreements have little legal value.

  1. Don’t Skip the fine print.

You need to understand what you’re signing before you pick up a pen. Ask for documents in advance, make time to read them and ask questions.

 

 

 

 

  1. You must never make an unconditional offer.

Protect yourself with at least two of these contingencies in your offer:

Mortgage financing — You’re pre-approved, but the appraisal and changes in your financial situation can negate that Pre-approval.

Inspection — never buy any home without a thorough inspection and the right to negotiate who pays for the defects that are found.

Insurance — confirm you can get adequate homeowner insurance coverag

  1. Having buyer’s remorse.

No place is perfect. There will always be surprises. Don’t let a few minor things make you miss a great house while looking for the perfect one!

 

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