Avoid Home Buying Mistakes
Below are costly home buying mistakes buyers frequently make:
- Home buyers may innocently disclose important confidential information about their buying needs, financial abilities and negotiating strategies to sellers and their agents. Understanding the roles of the Real Estate Agents involved in the transaction is important. Do you have an agent working only for you?
- Home buyers think that sellers pay real estate commissions, as well as, other closing expenses and seller concessions.
- Home buyers think mortgage companies and appraisers protect and promote the best interests of the buyer.
- Home buyers fail to understand how critical it can be to carefully design strategies and techniques in order to better negotiate with sellers and their agents.
- Home buyers don’t always appreciate the benefits they gain and are entitled to receive with the undivided loyalty and trust of an agent working only for them. Buyers are usually uninformed about the service and loyalty limitations inherent with an intermediary, dual agent or other limited service providers.
- Home buyers minimize the effect of competing buyers when preparing or negotiating purchase offers.
- Home buyers are usually unaware of the importance of personally attending and conducting thorough and independent physical property inspections, environmental audits and separate property appraisals as a condition of the home purchase.
- Home buyers do not comprehend the important value relationship between real estate services offered or provided and compensation obligations.
- Home buyers fail to recognize the long term benefits of preserving and/or enhancing the buyer’s equity position in a property.