PROBLEM 1
Divulging too much information to anyone. Never admit your love for a particular house or how much you are willing to pay for it.
PROBLEM 2
Overpaying. To determine what a house is worth, ask for a list of comparable homes sold. This will contain information on similar homes in your area and what they sold for. Make sure they are recent.
PROBLEM 3
Working directly with a seller, or a seller's agent.
This will assure you of having nobody on your side looking out for your interests.
PROBLEM 4
Not hiring an home inspector. You have the option of making any offer contingent on a home inspection. Make sure you accompany the inspector on his tour.
PROBLEM 5
Omitting a contingency for mortgage approval. This allows you to void the contract if you cannot find acceptable financing. The terms you desire should be expressly spelled out. |
PROBLEM 6
Not buying owners insurance. The insurance lenders require you to purchase only covers their interests. A separate buyers policy is available with cost savings if ordered before the closing.
PROBLEM 7
Letting a seller stay in the house after closing, or a buyer move into the house before closing. If you do, one of a host of problems can develop including the fact that the sellers then become a tenant, with all tenant rights.
PROBLEM 8
Not itemizing what conveys. Obtaining a list of all items, including personal, which will be included in the transaction, is simply prudent.
PROBLEM 9
Not specifying timed deadline language on a home purchase offer. Without this, the opposing party can shop for a better deal without worrying about loosing you.
This newsletter provided by:
ORCHARD REALTORS
314-962-0962 |
