ELEVEN MISTAKES BUYERS ALMOST

 ALWAYS MAKE WHEN PURCHASING A HOME! 

1. Make Too Low an Offer

You would be surprised at how many dream homes are lost because of buyer’s inability to move a little on price, terms, or concessions. Remember that $5000 in today’s loan market increases your monthly investment $35.82* per month – the cost of an average dinner out and hardly a price worthy of giving up a lifetime of satisfaction. Follow your professional advice if you really want the price.

2. Not Using Your Real Estate Professional Team

Lenders, Abstract/Title, Inspectors, and Facilitators are all important members of the purchasing process. They must be the best and they must work together. Remember, your agent is the best coach in assembling the team!

3. Not Getting a Professional Inspection

Your real estate agent can point out some obvious defects; the appraiser, whether FHA, VA or Conventional can also point out some defects. Therefore, we recommend a professional inspection (structural, mechanical, plumbing, electrical, septic, etc.), who puts on the overall and crawls below, in and above your future investment to write up a complete report.

4. Not Differentiating Needs, Wants and Dreams

Write down your minimum needs, than the “what would be nice” items, then the “in my dreams” items. A great agent will always fulfill your need without exceeding your financial capabilities, and usually surprises you with many of your wants and dreams.

5. Getting Financing to Match Your Ownership

When counseling with your agent regarding your purchase, your financing terms have to be consistent with your ownership. For instance, if you are not going to stay in the property long, then get a variable resistant financing so you have the lowest interest rate during your time of ownership, plus an assumable loan (probably) when you sell. Long term ownership? Go for a fixed loan so you can lock in a market rate for 30 years.

6. Don’t Let Decorating Make Your Decision

Paint, carpet, and spit and shine are great, but be careful not to overlook your dream home because of dirt, decorating that doesn’t meet your tastes or needing (minor) repairs. Look past the grime to the beauty that may be hiding underneath.

7. Don’t Look For Fixer-Uppers at all Costs

Not all fixer-uppers are good deals. The house must be priced low enough to offset your pain, time and expenses of owning the “money pit”.

8. Not Seeing Enough Homes

After a real estate professional counsels you on your needs, he or she should be able to narrow the field to about 7-12 properties. If your needs were well-communicated and if your means match your needs, you should be able to make an offer on the first selections.

9. Having a Great Realtor

This probably goes without saying but a great realtor will find you properties besides the traditional MLS selection.  They network with other top agents, send direct mail to target neighborhoods, and contact past clients from their databases thus providing you with the best home at the lowest price, with the best terms, and in the fastest amount of time.

10. Buying for Immediate Needs and Not Future Needs

It costs a lot of money to take position in real estate. If you can spend just a little more for that extra bedroom for a future child or in-home business, now would be the time to do it, or purchase enough land to add on.

11. Move Fast

The best properties on the market move fast, so once you are involved with your Realtor, make decisions wisely and quickly.

“ALWAYS BUY WITH JUDY ALVAREZ…”