Buyer Traps and How to Avoid Them. No matter how you look at it, buying a home is a major investment. But for many homebuyers, it can be an even more expensive process than it needs to be because many fail to address, in a timely fashion, one or more of the many common and costly mistakes which trap them into either: Losing their dream home to another buyer A systemized 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.
1. Bidding Blind 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 market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.
2. Clouds on the Title Make sure early in the negotiation that you will own your new home free and clear by having a title search completed. The last thing you want to discover when you’re in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or etc. Ask to be sure the title has been researched prior to viewing.
3. Undisclosed Fix-ups Don’t expect every seller to own up to every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment. Ensure that you conduct a thorough inspection of the home early in the process. Consider hiring a Builder or Contractor to objectively view the home inside and out. You can make the final contract contingent upon this inspection. This Builder or Contractor should be able to give you a report of any item that needs to be repaired and the approximate cost.
4. Hidden Costs Make sure you identify and uncover all costs far enough ahead of time to negotiate from an informed position. When the transaction closes, you will sometimes find fees for this or that sneaking through after the sub-total fees such as Bank wire fees, Mortgage registration if applicable. Understand these in advance by having your agent project total charges for you in writing.
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Thank you for visiting Our Site Marci Wiersma
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