Common (and Costly) Mistakes
People Make When Buying a Home
Here's a partial list of common buying mistakes. Making one or
more of them can be deadly and can cost you money and/or time. To
find out more, contact me at larry@vegasking.com
or 702-271-7521.
Buying a home can be a stressful experience.
Your emotions run the gamut while you are finding the perfect home,
securing the loan, all the way up to moving in. For most of us our
home is the largest investment we will ever make in our lives. Often
the emotions of purchasing something so expensive and personal can
cloud our judgment. This holds true anywhere, whether you are buying
in the vibrant Las Vegas Real Estate market, or are looking for
a home across the country.
Most home Buyers do little or no research before they
invest their nest egg.
Doesn't it make sense to become as completely informed as possible
before you buy your first home? The right real estate professional
can help you make good sound business decisions based on your personal
circumstances.
Here's a partial list of buying mistakes. Making one of more of
them can be deadly and it can cost you money and/or time. To find
out more, contact me at larry@vegasking.com
or (702) 271-7521.
1 - You should Pre-Qualify
To establish parameters on what kind or which home to consider
purchasing, it is essential to find your upper limit of qualification
so you know all of your options! It is important to note that different
lenders have different programs, and you may be able to qualify
for thousands of dollars more or less with one than with another.
It is extremely important to know the differences among different
lenders and how those differences can impact you.
2 - Selecting Your Home
There is no "perfect" home out there. Even if you build
it yourself. There will be something that could be better. I have
a "Three Step Approach" to selecting the right home. Follow
these and you won't be disappointed.
3 - Approach the home buying process objectively
There is no perfect home. Use the 85% rule. If the home has 85%
of what you are looking for...you have found your home. The good
ones go quickly. The home you are looking at today is the same home
that someone looked at yesterday and is thinking about an offer.
4 - Avoid the second guessing syndrome....
Is there a better one out there???
After viewing each property ask yourself the following important
questions:
- What did I like about the house?
- What, if anything, would I want or need to change?
- If the price was right, could I see myself owning this house?
If yes, what would the "right" price be?
- What was right about this house that would make me want to buy
it?
- What was wrong about this house that would make me not want
to buy it?
Safety nets available to you on your decision to purchase:
- Your judgment as an educated & informed Buyer.
- A customized CMA (see next answer for explanation).
- The advantage of a Professional home inspection.
- Professional Representation by your REALTOR®.
5 - Improper Pricing
You and your REALTOR® have found the home for you. It has enough
of what you want and you have to settle or compromise little. Now
what? A good REALTOR® will first do a Comparative Market Analysis,
(CMA) for you. This will show you if the home is over-priced or
fairly priced for the market.
6 - Understand the "Art" of Negotiation
Buyers tend to make offers on homes from an uninformed and emotional
point of reference. This mistake can cost you thousands of dollars!
Understanding that Sellers have very sensitive emotions involved
and finding out enough information about the Seller's circumstances
to suggest an effective "Purchase Strategy" is one of
my best skills as a Buyers Agent! I can ask questions that you can
not. When do they have to be out? What is the motivation to sell?
And on and on the questions go. My goal is to have a win-win situation
for all the parties involved.
7 - Talk to your REALTOR®
Let your REALTOR® know what you liked about a home and what
you did not like about a home. If you don't like or like the area,
let him know as well. I often take over an hour to talk to or interview
you to see what it is you are looking for in a home.
8 - Tours - Finding your home
The interview is done. You have been pre-approved or at the very
least, pre-qualified. We have a list of homes to see. We are in
the car and stopping and looking at one home after another. Do you
buy the first home we see if it is your dream home? Some of my Buyers
have, but most have not. We will see an average of 5 - 10 homes
on each outing. Most of my Buyers usually make an offer on the second
or third trip out and within 20 homes viewed.
About the Tour: You are not required to
view a home just because it is on the list. If we are coming up
to a home to view and you sense something about the area, the street,
the home itself - tell me and we will pass on it. Fair Housing laws
demand that I only comment on the house itself. I cannot comment
on the street, the neighborhood, the crime, the racial mix. Nor
can I, at your request, not take you to certain parts of town because
of race, color, crime, or other concerns. I can show you houses
and you alone must make the decision as to whether you want to purchase
it.
Let me say a few things here. This is your home. I am only your
employee. If I have selected the wrong area, the wrong type of homes,
the wrong price range, then I need to know. I can adjust our tour
to fit your needs.
8 - Picking the Wrong Real Estate Agent
Of all the decisions home Buyers and home Sellers need to make,
choosing a REALTOR® is by far the most important. Hiring the
wrong person can make an already stressful experience even worse.
Hiring the right person can make your transaction smooth and problem-free.
Given the importance of selecting the right REALTOR®, why do
some people make a poor choice? Generally, they interview too few
candidates, ask too few questions or allow their emotions to interfere
with rational decision-making. I have a good reputation in Las Vegas
- one that I have earned in the over 25 years that I have lived
here. Let me show you what I'm all about and how I can earn your
business.
These are just a few of the many traps or mistakes that Buyers
can make. Contact
me and let me show you, my boss, what other mistakes Buyers
make and how I avoid them when I work for my Buyers.
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