By: Tony Meier
- Making Too Low of an Offer – You would be surprised on how many dream homes are lost because of the buyers inability to move a little on price, terms and concessions. Remember that $5000 in today’s loan market increases your monthly investment $40 per month-the cost of on average dinner out-hardly a price worthy of giving up a lifetime of satisfaction. Follow your professionals advice if you really want the property!
- Not Using Your Real Estate Professionals Team – Lenders, Title, Escrow and Inspectors are all important members in the purchasing process. They must be the best and the must work together, your agent is the best coach in assembling the team!
- Not Getting a Professional Inspection – Your real estate agent can point out obvious defects, the appraiser, whether FHA, VA or Conventional can also point some defects, but you always need an inspector who puts on the overalls and crawls below, in and above your future investment to write up a complete report.
- Not Differentiating Needs, Wants and Dreams – Write down your minimum needs, then the "what would be nice" items, the the "in my dreams" items. A great agent always fulfills your needs within your financial capabilities and usually surprises you with many of your wants and dreams.
- Getting Financing to Match Your Ownership – When counseling with you agent regarding your purchase, your financing terms have to be consistent with your ownership. For instance, if you are not going to stay in the property for long, then get variable rate financing so you can have the lowest interest rate during the time of ownership plus probably an assumable loan when you go to sell. Long term ownership? Go for a fixed rate loan so you can lock in a market rate for 30 years.
- Don’t Let Decorating Make Your Decision – Paint, carpet, spit shine are great, but don’t turn down dirty dream homes that would be perfect for you because of dirt, horrible decorating or overdue repairs.
- Don’t Look for Fixer-Uppers at all costs – Not all fixer-uppers are good deals. We have seen many a rough home, not priced low enough to compensate you for the pain, trouble and expense of owning the "money pit"!
- Not Seeing Enough Homes – After being counseled by a real estate professional on your needs, he or she should be able to narrow the field to 7-12 properties. If your needs were well communicated and if your means match your needs, you should be able to make an offer on the first selection.
- Having a Great Realtor – Probably goes without saying! A great Realtor will find properties beyond the traditional MLS selection. They network with top agents, they send direct mail to target neighborhoods and they contact past clients in their database thus providing you with the best home, at the lowest price, best terms in the fastest amount of time.
- Buying for Immediate Needs and not Future Needs – It costs a large amount of money to take a position in real estate. If you can spend just a little bit more for that extra bedroom for a future child or an in home business, now would be the time to do it, or get enough land to add on!
- Move Fast – The best properties on the market move fast, once you are involved with your Realtor, make decisions quickly!
Seattle’s Eastside Real Estate Resource