use the services of a REALTOR. The home buying process is best navigated with a REALTOR. Buyers sometimes avoid using the services of a REALTOR under the mistaken belief that it costs them
money. Potential buyers often think that they will be able to negotiate a better
deal directly with the seller or seller's agent. This can be an expensive mistake.
buying a home, if you are negotiating directly with the seller or seller's agent, you may not be taking advantage of the best
deal available in the marketplace today. You can have your own REALTOR, a Buyer Broker, who is committed to using their experience
for your benefit. Your
agent can be paid from the same commission that the seller's agent is paid from - by the seller.
Failing to have a Comparative Market Analysis prepared before offering.
Before you make an offer to purchase that special home, you must have a good idea what the market value is to ensure you do
not overpay. Your agent can prepare a Comparative Market Analysis showing what similar homes have recently sold for, and the
difference between the asking and selling prices. This is the same type of report the seller receives when deciding on an
Failing to have the home inspected
by a competent home inspector. Buying a home is a major purchase usually
made after spending just half an hour looking at the home. Isn't it worth ensuring you will not be surprised later with deficiencies
costing thousands? Your REALTOR can recommend several reputable companies for you to choose from, and will ensure the appropriate
clause is inserted in the offer.
Not knowing and understanding your rights and obligations set out in the Offer To Purchase. It is important to understand completely the terms of the Offer to Purchase. Wrong assumptions, poorly
written or missing clauses, and not understanding how the clauses affect the purchase, can lead to increased costs or a void
contract. An experienced REALTOR can thoroughly explain the agreement to you and help you to fulfill your
blind reason. The home buying process is full of highs and lows
and is usually an emotional decision. It is important that those emotions be validated by facts and reason. An experienced
REALTOR will help to remove the emotion from the negotiating process and provide you with the information you need to make
the right decisions.
Failing to check out the
neighborhood. People fall in love with how pretty the new home is, and don’t ask enough questions about
what’s going on around them with respect to schools, parks, zoning, traffic flow, and other details.
Failing to take the steps to be financially pre-qualified, and having an interest rate guarantee before
looking at homes. Knowing how much you can comfortably afford before looking
at real estate for sale will ensure you are looking in the right price range and prevent you from buying a home
that will strain you financially and emotionally. An experienced REALTOR can help you initiate this process and can also recommend
alternative sources of financing. Whether you buy or rent your home, you should use no more than 35 percent of
your income on housing, including rent or mortgage, utilities, insurance, and repair. Most banks recommend that no more than
30 percent of your income should support a mortgage, and no more than 40 percent should go to a mortgage and other debt.