Avoid The Most Common Buyer Errors

Shopping for a new home is an emotional experience. It’s also time consuming and  comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. Their home purchase turns into an expensive process. These errors generally fall into three areas:

• Paying too much
• Losing a dream home to another buyer
• Buying the wrong home

When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:

Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.

Buying a mis-matched home
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.

Unclear title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.

Outdated survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.).

Unexpected repairs
For $300 - $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report.

Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.

Remember additional cost
Besides the funds for the purchase of a home, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.

Rushing the closing
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing or even the sale.

Why use a REALTOR®

Not every real estate agent or broker is a Realtor. The term and the familiar block "R" logo are trademarked by the National Association of Realtors can legally be used only by those that are Realtor members through their local association of Realtors.

While all Realtors are also state-issued licensees as agents or brokers, a major difference between a real estate licensee and a Realtor is that Realtors have taken an oath to subscribe to a stringent, enforceable Code of Ethics with Standards of Practice that promote the fair, ethical and honest treatment of all parties in a transaction. Real estate licensees (those that have a state-issued license but are not members of a Realtor association) are not bound to the ethical practices and principles set forth in the Realtor Code.

In addition, Realtor associations offer a wealth of training courses to their member Realtors, to help assure that Realtors serve their customers with the level of skill, knowledge and attention to detail required in today's real estate transaction. The continual training provided to Realtors underscores the importance of having help and guidance from someone who fully understands the process - a REALTOR®

For peace of mind, ensure that the individual seeking to represent you in a real estate transaction is not just a real estate licensee, but also a REALTOR®

www.BoldRealEstateGroup.com is your one-stop source for residential and commercial real estate.  Our site makes your search for Florida Real Estate very easy. The site includes all Florida properties for sale or rent in a searchable online database by Listing City or MLS Number. We assist Buyers, Renters and Sellers Locally, Nationally and Internationally. Bold Real Estate Group strives to provide the highest standard of real estate service by combining today’s technologies with yesterday’s caring attitude. Our goal is to give our clients the confidence to know that their transaction will be completed successfully.