From the beginning of your home search through closing escrow, thereís an awful lot to think about
Itís not unusual to make a mistake along the way. But with the financial stakes so high, a false move
Here are five common home buyer mistakes, with tips on how to avoid them.
You expect to get the price down after making an offer
The real estate market is heating up across the country. In many markets, homes are selling for more than asking price.
Some buyers win the bidding war by going over asking ó only to try to negotiate the price down by asking for credits
The seller most likely will have a backup offer from another buyer who really wants the home ó and who is hoping
A better strategy: Make your best offer, and donít assume you can negotiate it down later.
You wait until the eleventh hour to ask for credits
You should ask for credits if an inspection turns up potentially costly repair work you didnít know about when you
But even in a buyerís market, donít assume you can get sellers to cave in to unreasonable demands at the last minute.
You chase a deal at all costs
Everyone wants to save money, especially on a high-ticket item such as real estate.
Unfortunately, this causes some would-be buyers to make lowball offers in hopes of getting a ďdeal.Ē Or, potential
In a strong real estate market, the deals are in homes that have been overpriced and havenít sold as a result, and/or
If the home you want is well-priced, in a good neighborhood and doesnít need much work, the best strategy is to
You think you can do it all yourself
With so much information about homes available online today, many people, such as tech-savvy Gen X and Gen Y home
But this strategy often backfires.
First of all, the real estate agentís role isnít just about finding listings. With Internet access, buyers can easily find listings
A savvy agent knows the ins and outs of the local market better than an uninformed buyer with a full-time job and family.
He or she will know that a comparable home sold for 5 percent less (than the home youíre considering) only because the
You might ask the seller of the home to match that 5 percent reduction ó and youíd be surprised when the seller says,
Also, experienced agents have a strong network in the local market, which can give you an added edge. Good agents like
And if nothing else, keep in mind that a listing agent might not even consider working with an unrepresented buyer.
Finally, the seller pays the buyerís real estate commission, so having an agent for your home search costs you nothing
Most importantly, thereís bound to come a time during the complicated real estate transaction when you have serious
Your agent can be the trusted adviser you need to walk you through the maze.
You donít think like a seller
Most likely, at some point in the future youíll need to sell the home youíre about to buy. Thatís why itís important to
When youíre buying a home, put yourself in a potential sellerís shoes. The last thing you want is to buy a dream home
"The Top 5 Mistakes Home Buyers Make - And How to Avoid Them" was provided by Zillow.com.