9 Buyer Traps and How to Avoid Them

Home Buyer Traps

"A systematic approach to the home buying process can help you avoid these common pitfalls, not only reducing costs, but also securing the home that is best for you."

 

Regardless of how you look at it, buying a home is a serious investment. But for many home buyers, this can be an even more expensive process than necessary as they fall victim to at least a few of the many common and costly mistakes they fall into:

• paying too much for the home they want, or
• losing their dream home to another buyer or,
• (worse) buying the wrong home for their needs.

A systematic approach to the home buying process can help you avoid these common pitfalls, allowing you not only to cut costs but also to secure the home that is best for you.

 

9 Buyer Traps

This important report covers 9 of the most common and expensive pitfalls for home buyers, how to identify them, and what you can do to avoid them:

 

1. Blind Bidding

What price should you offer when bidding on a house? Whether the seller's asking price is too high or very high. If you don't research the market to understand what comparable homes are selling for, placing an offer would be like a blind bid. Without this knowledge of market value, you can easily bid too high or not at all compete with a great value.

 

2. Buying the Wrong House

What are you looking for at home? Pretty simple question, but the answer can be quite complex. Most often, buyers were carried away by the excitement and excitement of the buying process only to find themselves the owner of a home that was either too big or too small. Maybe they're stuck with a longer-than-desired commute, or a dozen remedial solutions that they really want to deal with now that the excitement has subsided. Take time in advance to clearly define your needs and needs. Write it down in writing and then use it as a garden pole with which you will measure every home you look at.

 

3. Unclear title

Make sure at a very early stage in the negotiations that you will own your new home for free and clean once the title search is complete. The last thing you want to know when you are in the final stage of the transaction is that there are burdens on the property, such as tax liens, undisclosed owners, easements, leases, etc.

 

Also Read : 6 Things You Must Know Before Buying A Home

 

4. Inaccurate Survey

As part of your purchase offer, ask for an updated property survey that clearly outlines your boundaries. If the survey is not up-to-date, you may find that there are structural changes that are not shown (eg home additions, new swimming pool, new neighbor's fence that extends the boundary line, etc.). Be very clear about these points.

 

5. Undisclosed fixes

Don't expect every salesperson to admit to every physical detail that needs attention. Both you and the seller want to maximize your investment. Make sure you carry out a thorough home inspection early in the process. Consider hiring an independent inspector to objectively inspect the house inside and out and subject the final contract to that inspector's report. The inspector should be able to report on each item that requires repair with its associated approximate cost.

 

6. No Pre-approval For A Mortgage

Pre-approval is quick, easy, and free. When you have a pre-approved mortgage, you can buy your home with a greater sense of freedom and security knowing that your money will be there when you find the home of your dreams.

 

7. No contract

Final closure and settlement may be delayed if the seller fails to comply with the contract, by neglecting some remedial issues or in some way altering the spirit of the contract. Agree in advance the dollar amount for an escrow fund to cover positions that the seller is not making. Make a list of agreed issues, go through them and check them one by one.

 

8. Hidden Costs

Make sure you identify and discover all costs - big and small - well in advance. When a deal closes, you will sometimes encounter fees for this or that that are out of the "subtotal" of the fees, such as loan disbursement fees, insurance fees, etc. Understand them in advance, having the lender's total project fees in writing.

 

9. Rushing The Closing 

Take your time during this critical part of the process and insist that you read all the documents the day before signing. Please ensure that this documentation perfectly reflects your understanding of the transaction and that nothing has been added or subtracted. Is the interest rate appropriate? Is everything covered by the warranty? If you rush this process on the closing day, you may run into a last-minute snag that you can't fix without compromising your contract, financing, or even the sale itself.

 

 

Thinking about BUYING a Home,

Parveen Tiwari can help you and if you have any questions in regards to real estate, then you must call Me today! at

647-494-0009

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Parveen Tiwari

647-494-0009

Sales Representative

 

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