Buyer Trap #1 BLIND BIDDING
When you haven’t done your proper research, then you’re at a huge disadvantage when going into negotiations.
Just because the seller is “asking” a certain price, does not mean that the home is “worth” that amount.
Make sure that the real estate professional that you are working with has provided you proper comparable properties so that you are not over spending.
With my clients, I always make sure they are well informed so they can make an intelligent decision when submitting an offer.
Buyer Trap #2 PURCHASING THE WRONG HOUSE
When you haven’t done your proper research, then you might end up settling in a home because of price or that does not meet your needs as well as it should.
The buying process is tough on all sides, but you have to make the most of every offer and know how to negotiate to get the best bargain. Don’t just settle.
Make sure that the real estate professional that you are working with has sat down with you to figure out your clear needs and wants. Put everything down on a piece of paper and use the list to help you settle on a home that gets you as close to your terms as possible.
With my clients, I always make sure they feel they’re needs are met so they can make an intelligent decision when submitting an offer.
Buyer Trap #3 VAGUE TITLE
Make sure that the terms negotiated are crystal-clear to guarantee that the home you bought is 100% yours.
The last thing you want to stumble upon when you’re on the verge of closing a transaction is to discover that your property features unexpected taxes, or undisclosed owners, leases, etc.
Make sure that the real estate professional that you are working with has negotiated terms and explains everything to you so that it’s very clear what you’re getting into.
With my clients, I always make sure that no leaf is left unturned and we are purchasing homes that are 100% my clients.
Buyer Trap #4 UNSUITABLE SURVEY
When purchasing property, include a request for an updated property survey in your offer when buying a home. This will help you have some crystal-clear boundaries.
If you don’t, you may come across hidden structural changes (e.g. a new fence put up by a neighbor, a pool you knew nothing about, extra wall within the house, and more). Be clear in the request.
Make sure that the real estate professional that you are working with writes your requests in the offer and sees it through.
With my clients, I always make sure that we ask for an updated property survey in our offer to offer them complete transparency about the property.
Buyer Trap #5 HIDDEN FIX-UPS
For various reasons, many sellers don’t fix everything before putting their houses on the market. They like to look out for themselves too.
Before closing the deal and buying a house, make sure to inspect the property carefully. A good idea might be to hire an inspector, who will objectively assess the property inside out, and make a final contingency contract.
Make sure that the real estate professional that you are working with has contacts with good inspectors to ensure they are thorough. Use the report to let the seller know about fixes that must be made, and negotiate the final price for the home.
With my clients, I always make sure that the property is properly inspected by making contact with the inspector, whether they were referred to by me or not. Once the report comes back, I consult with my buyers to let them know about any fixes and get their opinion on how they want to move forward.
Buyer Trap #6 FAILURE TO GET PRE-APPROVED
Getting pre-approved for a mortgage is simple, fast, and cost-free. It allows you to hunt for a house with a feeling of security and freedom. You know that the money is there, so it will be easier for you to decide on a dream home.
Before looking for homes, make sure you get pre-approved. Your realtor will appreciate it and will know exactly which price range to stay within to keep you happy.
Make sure that the real estate professional that you are working with gets you pre-approved before shopping. The worst thing you can do is fall in love with a home above your budget.
With my clients, I always make sure that we go through the pre-approval process so that we can find a home within their budget.
Buyer Trap #7 MISSED CONTRACT
If a seller fails to adhere to the terms and conditions of a contract to the letter performing necessary repairs or attempting to change the terms in any way – the final deal may get delayed.
You definitely don’t want that to happen at the last minute after you’ve packed and prepared for a move. Settle for an escrow amount to cover items or fixes that your seller hasn’t made yet.
Make sure that the real estate professional that you are working with makes a list in advance, and consults with the seller or sellers agent to find a way to reach an agreement.
With my clients, I always make sure that we make a list of necessary repairs or any attempts to change the terms early on to avoid any delay in the deal.
Buyer Trap #8 HIDDEN COSTS
Watch out for hidden costs in advance when buying a home, irrespective of its size. Usually, when a deal is closed it is rather common to stumble upon hidden fees. You definitely don’t want that to happen to you. Underwriting fees or loan disbursement charges may occur, so it’s very important to understand them ahead of time.
Have your lender put down in writing the total price involved, so that you know what to expect when finalizing the transaction.
With my clients, I always make sure that we have a reliable lender engaging in the entire process to ensure that there are no surprises or hidden fees.
Buyer Trap #9 RUSHING TO CLOSE THE DEAL
Make sure to take all the time you need when buying a home and try not to rush into closing a deal. Insist on having a closer look at all documents and then take your time to read them thoroughly before signing.
Ensure that the real estate professional that you are working with has all of the documents properly laid out. Everything must be up to date – assess interest rate once again to make sure it is covered correctly. If the deal is rushed on the closing day, you may stumble upon last minute issues you can’t fix anymore, thus compromising the deal’s terms and even the home sale itself.
With my clients, I always make sure that we have all the documents laid out and have taken the proper time to assess all the details before we are at the closing table.
For a current list of homes you may be interested in, and a free copy of this report, send me a private message and I will be happy to help you make your dream of owning your first or next home a reality.
The Perfect Home At The Perfect Time 
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