Buying
a Home:
Top 5 mistakes to avoid
1).
Shopping for a home without
being approved for financing:
As
a potential buyer competing for property, you will have a
much better chance of having your offer accepted by
being as prepared as possible.
Being pre-approved lets sellers know you are a serious and qualified buyer. In the very competitive market we're currently experiencing, a
pre-approval letter is
considered a requirement when submitting an offer. Being pre-approved also tells
you (and me) exactly what price-range to focus on. If you need
help finding a Mortgage Broker, I can refer you to some
very good ones that I work with often.
2).
Buying a home without a professional
inspection:
Buying
a home without a professional Inspection can be extremely risky. Unless you're purchasing a new property
with warranties on most equipment, it's crucial that you get a
thorough inspection (especially on older and "fixer"
properties). An inspection covers the overall health of
the home: its structural integrity, condition of electrical, plumbing and heating
systems, condition of the roof, drainage issues on the
property, and much more. Inspection reports can be a great
negotiating tool when asking the seller to make needed
repairs. I can refer you to a number of reputable home inspectors in
our area.
3).
Not shopping for homeowner's insurance until you are ready to close:
Start
shopping for insurance as soon as your offer has been
accepted. Many buyers wait until the last minute to get insurance, and don't have the opportunity to shop
around for the best value.
4).
Signing documents without reading them first:
This
might sound obvious - but at closing, you probably won't have
the time to read through every single document you'll be asked to sign.
Although some of the specific details may not be
known early in the transaction, I can supply you with the
standard real estate forms we use, and explain them to you in advance. You also have the option of having your
paperwork reviewed by an Attorney, if you wish.
5).
Making verbal agreements:
Verbal
agreements are not considered "binding" in
Washington State. For example, if the seller has verbally
agreed to include certain items in the sale (such as a washer and
dryer), but the written Purchase & Sale
agreement makes no mention of those items, the written
agreement will prevail. I
can help you
avoid problems like this with a clear, specific purchase
& sale agreement, outlining all the details!
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