Buying a home is a major investment. How would you like to:
- pay too much for the home you want?
- lose your dream home to another buyer?
- buy the wrong home for your needs?
A planned approach to home buying can help you steer clear of these common traps. Here are common and costly home buyer traps and how to avoid them.
Overpaying for a property
Your agent should provide you with a CMA before placing an offer. You are bidding blind without this information. This is something that Miguel Avila would do for you.
Buying the Wrong Home
Many buyers get emotional, just to find themselves the owner of a home that does not fit their needs. Write down what you need. This way you compare and ensure the home meets your needs.
Make sure that you will own your new home free and clear by having a title search done. You do not want to find that there are encumbrances on the property such as tax liens, easements, leases or others.
With the purchase offer, include a request to an updated property survey which marks the boundaries. If the survey provided is not current, you order a new one to make sure that structural changes are correct.
Hire an independent inspector to objectively view the home inside and out, and make the contract contingent upon the inspector report that details items that need to be fixed with approximate repair cost.
Forgetting Mortgage Pre-approval
Pre-approval is free & done in 20 minutes. With a pre-approved mortgage, you can shop for your home knowing that the money will be there when you find the home of your dreams.
Missed Contract Issues
To avoid missed repairs that could delay a closing, agree to escrow the repair amount to cover non repaired items. Prepare a list of agreed issues, walk through them, and check them off one by one.
Closing in a rush!
Insist on seeing all paperwork the day before you sign. Make sure the documentation reflects your transaction, and that nothing has been added or subtracted. Make sure the interest rate is right and that everything covered. Do not rush this process on the closing day, or you may run into a last minute issues that you can not fix without compromising the deal terms, the financing, or even the sale itself.