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Buyer's
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Buyer's Guide
 Going
through the process of trying to find your dream home
things can get kind of cloudy. Here are a couple of
things to look out for, you you can have a clear mind
and fell good about this amazing new step in your life.
8 Big Time Mistakes
That cost you money when buying a home
#1
Failing to use the services of an experienced
REALTOR. Many times buyers avoid using the services of a
REALTOR under the mistaken belief that it costs them
money - or that they will be able to negotiate a better
deal directly with the seller or seller's agent. This
can be an expensive mistake.
When buying a home, if you are negotiating directly with
the seller or seller's agent, you may not be taking
advantage of the best deal available in the marketplace
today! You can have your own REALTOR, a Buyer Broker or
Purchaser's Agent, who is committed to using the
experience gained through hundreds of successful
negotiations for your benefit - at no charge to you!
Your agent can be paid from the same commission that the
seller's agent is paid from - by the seller.
Real Estate is a unique business, where an agent with
one day's experience and no sales gets paid the same as
an agent with several years experience and hundreds of
successful sales. An experienced agent can help you
avoid the other costly mistakes outlined here, and make
your home buying experience an enjoyable, stress-free
one!
#2
Not knowing who the agent is really working
for. It is important for buyers to know and understand
for whom the agent helping with the house hunting is
actually working. The agent may be working as a sub
agent - representing the seller's best interests during
negotiations - or as your agent representing your best
interests during negotiations. If you are not sure who
your agent is working for - ask for clarification. Your
REALTOR must fully explain agency. When negotiations
commence, wouldn't you want to know whether information
you divulge will be used for the seller's benefit - or
yours?
#3
Failing to have a Comparative Market Analysis
prepared before offering. Before you make an offer to
purchase that special home, you must have a good idea
what the market value is to ensure you do not overpay.
 Your agent can prepare a Comparative Market Analysis
showing what similar homes have recently sold for, and
the difference between the asking and selling prices.
This is the same type of report the seller receives when
deciding on an asking price. Wouldn't you like to have
access to the same information as the seller?
#4
Failing to recognize different negotiating
styles and strategies. Many buyers think that the way to
achieve a fair purchase price is by offering low. This
is the strategy of the buyer who is not in possession of
all the facts essential to negotiating the best possible
deal. Many times that type of strategy will polarize
negotiations and lead to inflexibility on part of the
seller - or worse yet - failed negotiations!
If you have chosen your REALTOR wisely, the most
effective strategies for this particular situation will
be revealed to you. Remember, in the real estate
business, an agent with many successfully closed
transactions usually costs the same as someone who is
inexperienced. That experience could mean a better deal
at the negotiating table with a minimum amount of
hassles.
#5
Failing to have the home inspected by a
competent home inspection company. Buying a home is a
major purchase usually made after spending just half an
hour looking at the home. Isn't it worth ensuring you
will not be surprised later with deficiencies costing
thousands? Your REALTOR can recommend several reputable
companies for you to choose from, and will ensure the
appropriate clause is inserted in the offer.
#6
Not knowing and understanding your rights and
obligations set out in the Offer To Purchase. It is
important to understand completely the terms of the
Offer to Purchase. Wrong assumptions, poorly written or
missing clauses, and not understanding how the clauses
affect the purchase, can lead to increased costs or a
void contract.
 An experienced REALTOR can thoroughly
explain the agreement to you and help you to fulfill
your contractual obligations.
#7
Letting emotion blind reason. Buying a home is an
exciting time and is usually an emotional decision. It
is important that those emotions be validated by facts
and reason. An experienced agent will help to remove the
emotion from the negotiating process and provide you
with the information you need to make the right
decisions.
#8
Failing to take the steps to be financially
pre-qualified, and having an interest rate guarantee
before looking at homes. Knowing how much you can
comfortably afford before looking at real estate for
sale will ensure you are looking in the right price
range and prevent you from buying a home that will
strain you financially and emotionally. Having an
interest rate guarantee will protect you in times of
fluctuating rates and ensure that your initial projected
payments do not suddenly escalate, resulting in extra
interest charges. An experienced REALTOR can help you
initiate this process and can also recommend alternative
sources of financing.
Being aware of these Big Time mistakes will help ensure
you receive best value for your dollar when the time
comes to buy your home!
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