7 Common Home Buying Mistakes

By educating yourself and getting prepared, with my help, can save you time and make sure your transaction goes smoothly!

You can always feel free to give me a call anytime for a no obligation consultation. My direct line is 928.846.6474 or Toll-Free, 800.846.1064. You can also shoot me an email to: Lew@HavasuHomeFinder.com

Here are some common mistakes people make when buying a home.

1) – Not Being Pre-Qualified For Financing Before Looking

When you start to look for a home here in Lake Havasu, it is important that you know how much you can comfortably spend on a home. Getting pre-qualified for financing will lock down your price range and help prevent you from being turned down after falling in love with a home. It will also save you the strain of having to find a lender within a few days of conditionally buying a home. In times of fluctuating interest rates it would benefit you to lock in a lower rate. This could save you thousands of dollars if the rate increases while you are in the process of buying.

Also keep in mind, in today’s real estate market, the perceived values to buyers are foreclosed properties and the “good ones” are swooped up and under contract within a couple days. If you are planning to put an offer in on a foreclosed property in Lake Havasu City, having your pre-qualification letter is required when submitting your offer. Even if you are paying cash, you will need a “proof of funds” (statement / printout) in order to submit an offer.

2) – Failing To Seek Out The Services Of An Experienced Real Estate Agent

Many Buyers are unaware of the fact that in almost every case they are not responsible for paying the agent’s fees; the agent is being paid a commission from the seller. It is always best to seek out an experienced real estate agent (like Lew Jabro) that can use their information regarding recently listed and sold properties to get you the lowest price possible and make sure you are represented properly.

3) – Failing To Know Research The Market Before Making Your Offer

Have your agent prepare all the area sales and comparable properties in the area and get a copy to look over with your agent before you make your offer. This will help ensure that you do not overpay what the home is really worth. In most cases, this is the same type of information that the seller and their agent saw and researched when setting the price of their home.

4) – Not Being Informed of Your Rights & Obligations During Your Offer To Purchase

It is of the utmost importance to be aware of your rights and what to expect from a competent real estate agent. A small mistake in a condition or clause could end up costing you time and money, or in some cases even void your contract.

5) – Not Understanding The Common Negotiating Methods Used At Offer Time

Some buyers have been told that the best way to get a good price is to low-ball the seller from the start in hopes that the seller will drop their price down fast in their counter offer. In reality this often does nothing more than upset the seller and will probably end up ruining the chance at an acceptable offer to both of the parties involved. Have good communication with your agent, and they will be able to inform you on the many proper ways to negotiate a deal and still get you the lowest price. The best real estate agents are well versed in negotiating the offer with the seller.

6) – Failing To Use Home Inspection Company

Buying your home is often times the most important investment and financial transaction that you will ever make. A home inspection can save you hundreds or even thousands of dollars and unexpected problems down the road. In addition to the inspection, it is often a good idea to request some type of Home Warranty to cover the electrical appliances, the roof, etc. that come with the home. It can be much cheaper than going through your homeowners insurance. (Usually about $350 – $600 per year with a $50 – $60 deductible depending on optional coverage) Call me, I have a couple companies I can recommend and use all the time.

7) – Letting Your Emotions Cloud Your Judgment

Buying a home is an important and exhilarating process! It is important not to let your emotions get the best of you and cloud your judgment of whether you can really afford to make the payments comfortably, and so on. Be sure not to get so excited that you get in over your head. It is always a good idea to take your time and make sure you are buying the home you really want.

As always, you can give me a call to discuss any questions you might have about the proccess of buying and selling of Lake Havasu City real estate. I can always be reached on my direct line at 928.846.6474 or by calling Toll-Free, 800.846.1064.

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