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2824 Manatee Avenue East

Bradenton, Florida 3420

Office: 941.792.2111

Toll Free: 1.800.522.7869

Fax: 941.747.9632

 

 

Buyer Traps To Avoid

 

"9 Buyer Traps and How To Avoid Them"

No matter which way you look at it buying a home is a major investment.  But for many homebuyers, it can be an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap them into either:

*paying too much for the home they want or,

*losing their dream home to another buyer or,

*(worse) buying the wrong home for their needs.

"We'll help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that's best for you."

9 Buyer Traps

1.  Bidding Blind...What price should you offer when you bid on a home? Is the seller's asking price too high, or does it represent a great deal.  If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bidding blind.  Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.

2.  Buying the Wrong Home...What are you looking for in a home?  A simple enough question, but the answer can be quite complex.  More than one buyer has been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small.  Maybe they're stuck with a longer than desired commute to work or a dozen more fix-ups than they really want to deal with now that the excitement has died down.  Take the time upfront to clearly define your wants and needs.  Put it in writing to measure every home you look at.

3.  Unclear Title...Make sure very early on in the negotiation that you will own your new home free and clear by having a title search completed.  The last thing you want to discover when you're in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like.

4.  Inaccurate Survey...As part of your offer to purchase, make sure you request an updated property survey which clearly marks your boundaries.  If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbor's new fence which is extending a boundary line, etc.).  Be very clear on these issues.

5.  Undisclosed Fix-ups...Don't expect every seller to own up to every physical detail that will need to be attended to.  Both you and the seller are out to maximize your investment.  Ensure that you conduct a thorough inspection of the home early in the process.  Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector's report.  This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost.

6.  Not Getting Mortgage Pre-approval...Pre-approval is fast, easy and free.  When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams.

7.  Contract Misses...If a seller fails to comply to the letter of the contract by neglecting to attend to some repairs issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement.  Agree ahead of time on a dollar amount for an escrow fund to cover items that the seller fails to follow through on.  Prepare a list of agreed issues, walk through them, and check them off one by one.

8.  Hidden Costs...Make sure you identify and uncover all costs-large and small-far enough ahead of time.  When a transaction closes, you will sometimes find fees for this or that sneaking through after the "sub"-total fees such as loan disbursement charges, underwriting fees etc.  Understand these in advance by having your lender project total charges for you in writing.

9.  Rushing the Closing...Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign.  Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted.  Is the interest rate right?  Is everything covered?  If you rush this process on the day of closing, you may run into a last minute snag that you can't fix without compromising the term of the deal, the financing, or even the sale itself.






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Testimonials

My wife and I would like to take this opportunity to recognize Linda Johnston who is with the office at CENTURY 21 All Aces Realty. We had been trying to sell our house in Palmetto for approximately 2 years. Prior to being introduced to Linda, we had used two other real estate agents who were quite ineffective in getting people to look at the house. As soon as we spoke to Linda, we were impresses with her enthusiasm and determination. She immediately gave us ideas on how to list the house to attract prospective buyers. When one idea didn't work, she was innovative and determined to come up with new ideas. Her personality was refreshing and she was always professional. We felt as though we were her only client, although we knew she had others. It was a pleasure working with her and we would recommend her to any seller or buyer. Craig & Felicia Himes
My experience with CENTURY 21 All Aces Realty was remarkable, but my experience with my Agent, Matthew Rotondo was even better. Matt’s willingness to work with my wife and I was truly amazing. Matt took a true interest in our needs and wants as a young couple. Knowing we did not have the money to buy a home that needed lots of work, Matt made sure to find us a home that was move in ready. When it came time to close on our dream home, the house needed a new roof. Matt came through again, he was able to get us our dream home at price we could afford with a new roof. Matt is just a genuine good guy, I don’t know many agents that would actually come over and help you move and work in the yard. Thanks again Matt for helping my family get the house of their dreams. Richard and Lisa Glass
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