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By becoming aware of the most common homebuyer mistakes, you can avoid these pitfalls and ensure a smooth transaction. The most common and detrimental mistake buyers make is to bid blindly on a home without fully researching the house, the community and whether or not the home is fairly priced. You can avoid this by partnering with an experienced real estate agent who is familiar with the specific area. The second mistake involves being ruled by emotion. It's critical to remain objective and remember that buying a home is not only a major financial purchase, but it is also a business transaction.
The third buyer mistake occurs when it becomes evident at the eleventh hour that the home does not have a clear title. This can be avoided if you ensure early on in the negotiations process that the home you intend to purchase has a free and clear title by having a title search completed. Mistake number four involves not having a property survey completed. A property survey clearly delineates the boundaries of your new home, and can reveal any easements that may have otherwise remained hidden. Mistake number five is similar, and involves not having a thorough home inspection. Even if the sellers have an inspection report, it is essential that as a buyer, you hire your own inspector to objectively evaluate the home. Additionally, it is helpful to include contract verbiage that protects you and allows you to exit the sale gracefully and without obligation if inspection is not up to par.
The sixth common buyer mistake involves not getting mortgage pre-approval. Fortunately, this mistake can be avoided in a fast, easy and free manner. Plus, you'll have a certain peace of mind as you search for a home, knowing that you are buying a house you can afford. The seventh mistake involves not using an escrow fund. The escrow fund protects the buyer and seller by ensuring that items and fees are paid as per the agreement. The eighth buyer mistake occurs when buyers fail to identify hidden costs ahead of time. By partnering with an experienced real estate agent and asking questions, you can avoid any hidden surprises, and you can ensure that you have appropriate funds and paperwork for the closing. Ask your lender to project total charges and fees and give this to you in writing prior to the act of sale.
Rushing through the closing is the ninth mistake made by homebuyers. The amount of paperwork that needs to be signed is significant, and of course, you'll be anxious to take possession of your new home. However, it's important to take your time and insist on being allowed to read over all the paperwork the night before closing to ensure that the entire contract includes everything you've agreed upon with the seller. Ask questions about anything that seems unclear.
Whether you're considering Boston homes, Dorchester real estate, Mattapan homes or Roxbury real estate, trust real estate expert Randy Wilburn to help you avoid these nine common buyer mistakes.
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