Avoid These 81/2 Buyer Traps When Buying Real Estate Part 2

Avoid These 81/2 Buyer Traps When Buying Real Estate Part 2

In part 1, we covered, bidding without sufficient information, buying the wrong home and unclear title. Lets' cover the rest:

Inaccurate Survey

Before the purchase is completed, a survey or title insurance should be a must. Most lenders will not issue a mortgage without a survey or title insurance. Again, a good REALTOR* will have a clause in the offer to protect you and make sure you discuss this with your lawyer.

Unexpected repairs

Don't expect every seller to disclose every physical detail that will need to be attended to. Use a professional home inspector to conduct a thorough inspection of the home, before you close the deal. A good REALTOR* will enclose a home inspection clause in the offer and only if the inspection report is suitable to you, would you waive that condition. (See my report: "The Role of a Home Inspector") A professional REALTOR* will know the best home inspectors out there and should be able to give you the names of two or three.

Not Getting Mortgage Pre-approval

Pre-approval is quick, easy and free. Knowing before hand what you qualify for will help you to avoid disappointment. When you are shopping for a home, this will give you more power; the seller will consider your offer as a serious one.

Hidden Costs

Make sure you identify and uncover all costs-large and small- far enough ahead of time. A good buyer's agent will discuss this with you, and you should discuss all fees and costs with your lender, your lawyer and any other professional you may use. (See my reports;"The role of a lawyer", "The role of a lender")

Rushing the Closing

Take your time during this critical part of the process. Do you understand your mortgage details? Has any thing been forgotten? Does the paperwork and documentation reflect your understanding of the transaction? Will your buyer agent take you through your planned house 2-3 days before closing? (To ensure that there is no unusual changes in the condition of the home, that what is supposed to stay-stays).

That is the 8 buyer traps and the ½ that can make you a happy camper

Can you now see why it is very important to have an experienced, knowledgeable and trusting REALTOR* to help you? A thorough systematic approach to real estate either buying or selling can save you time, money and frustration!