Home Buyers: Avoid These 3 Traps
When you are buying a home, you are making a huge investment. As such, you want to make sure that you avoid common home buyer traps that can cost you time and money.
There’s a better way to buy a home using a systemized approach. This approach can help you avoid common home buyer pitfalls.
As part of the systemized approach, here are 3 common home buyer traps and how you can avoid them:
- Bidding Without a Firm Idea of Price
- Failing to Get a Mortgage Pre-Approval
- Being Unaware of Fix-Ups
1. Bidding Without a Firm Idea of Price
When you put in a bid on a home, how do you decide what amount to offer? Do you know whether the asking price is too high? Too low? Or is it a reasonable asking price?
Not knowing the market value of the home you are bidding on puts you in a bad position. If you bid too high, you are wasting money. However, if you bid too low you run the risk of your offer being rejected by the homeowners.
Make sure you do your research on comparable homes in your area so that you can put in a successful bid.
2. Failing to Get a Mortgage Pre-Approval
One big mistake home buyers often make is not getting pre-approval for a mortgage. Home buyers should get a pre-approval for a mortgage well before they begin shopping for a new home. Getting a mortgage pre-approval is a great way to know in advance how much home you can afford. It’s fast, easy, and free – nothing could be easier!
It should be noted that many realtors will not show a home until the potential home buyers have gotten a mortgage pre-approval. That means that a large number of homes will be unavailable for you to even view until you get a letter of prequalification.
3. Being Unaware of Fix-Ups
It’s also important to get a home inspection before becoming serious about any home. Unfortunately, you can’t always rely on a home seller to be forthright about issues that could cost you thousands of dollars.
One way to protect your investment is to hire an independent inspector. You can then make the final contract subject to the independent inspection.
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At Your Home Sold Guaranteed Realty - The Salas Team, we understand that buying a home is a huge investment. That’s why we go out of our way to protect our home buyer’s interests and make sure that the home they are purchasing is bought at the best price.
We know the common pitfalls of home buying and can help safeguard your investment so you are not caught unaware.