Thursday, April 16, 2009

Buyers, don't make these mistakes

Buyers, when you are purchasing a home, remember these 10 do's or dont's. Protect yourself from common mistakes.

1. Do make sure you are pre-qualified before making an offer. This will make your life much easier. Take the time to talk to your lender to determine your price range. This is one of the most important steps to take.

2. Do have a home inspection. Trying to save a few dollars could cost you more in the long run. A qualified inspector will detect issues that can be easily overlooked.

3. Don't limit your search to open houses, ad or an internet search. Many homes have contracts on them and/or have already been sold. A Realtor has the updated information that is unavailable to the public. This is the best resource to help you find the home you want.

4. Do make sure your Realtor is committed to you. Choose a professional who is dedicated from beginning to end with strong communcation skills. One that will keep you informed through the entire process.

5. Don't think there is one perfect home out there. New properties arrive on the market everyday so keep an open mind.

6. Do think ahead. Will your home suit your needs for the next 3-5 years? How about 5-10 years?

7. Do purchase adequate insurance. Advise from an insurance agent can provide you with answers to any concerns you may have.

8. Do purchase a home warranty. This is a mini insurance policy that usually last one year from close of escrow. It typically covers basic repairs you may encounter and can be purchased for a nominal fee. Your agent can help you with this.

9. Know your costs. Early in the process, ask your Realtor or lender for an estimate of closing costs. Title company and attorney fees should be considered. Pre-pay responsibilities such as homeowner's association fees and insurance must also be taken into account. Remember to examine your settlement statement prior to clsoing.

10. Do follow through with due diligence. Make a list of concerns you may have relating to crime rates, schools, power lines, neighbors, environmental conditions, etc. Find out before you make the offer.

Here are a few tips:
take notes on each home you are looking at. rate 1-10
bring a camera
write down any changes you may make
pay attention to the surroundings...parking.....parks, etc.
visit the home different times of day


Until next time

God Bless